Budget hopes for struggling first-time buyers
Source: BBC ·
Aspiring homeowners say rent, rising costs and house prices are delaying plans to buy.
From the source
Pre Ramteke wants to buy her first home but says saving for a deposit while paying rent remains a challenge Pre Ramteke pays around £900 a month in rent before bills, but says saving enough for a deposit to buy her first home remains out of reach. After moving to the UK from India in 2021, buying a home with her partner has proved difficult, due to rising house prices and the cost of living. Her concerns come ahead of this week's Budget, when the government is expected to provide further details of its proposed Your First Home scheme, aimed at helping more first-time buyers onto the property ladder. "Sometimes I do think that I'm trying to chase a dream that's going further and further away", she told the BBC. The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, with house prices getting higher and higher. Ramteke completed her studies in London and later moved to Rugby, hoping to put down roots. "We know that if we buy a…