Reform Rent to Buy in England so that part of rent goes towards deposit

• Petition
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Petition Action

Reform Rent to Buy in England so that part of rent goes towards deposit

Petition Details

1. At least 50% of the rent paid during the Rent to Buy contract time should be available to use towards the deposit, instead of rent being discounted.
2. At the end of the Rent to Buy contract the property should be sold NOT higher than the price it was evaluated at when the contract was signed.

Additional Information

One of the main goals of Rent to Buy is to allow people to save for a deposit and purchase the property at the end of the contract. However, if the cost of the property is too high it may make it impossible for people to buy the property with the money saved over the contract period. Another negative factor is that at the end of the contract the property may be evaluated higher than at the beginning, and if the property is evaluated at a lower price the owner can decide not to sell. As such Rent to Buy in England does not do enough to help first time buyers. I strongly believe the above reforms would be beneficial for both buyers and developers as well as for the housing crises.

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