Plans to help youngsters on to housing ladder through pensions, welcomed by county estate agent
Plans to help young people get on to the housing ladder by unlocking their parents' pensions have been welcomed by a county estate agent.
Youngsters struggling to buy a home would be able to use their parents or grandparents' retirement funds to help secure a mortgage under the Government initiative.
James Birt, partner at Naylor Powell estate agents, which has offices in Gloucester, Newent and Stonehouse, said it was "very interesting news" for estate agents.
He said: "So many people are already helped with their first-time purchase by parents or grandparents but this really is a great step in the right direction and could have a significant effect on the property market."
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Details of the scheme are yet to be finalised, but aides said it would see the lump sum element of pensions used as collateral for raising home loans.
Hundreds of thousands of people could be eligible for the arrangements, which are expected to be in operation by 2015.
Parents would lose their lump sum if the child defaults on mortgage repayments, but the rest of the retirement fund would be unaffected.
Meanwhile, potential house-buyers have a chance to view recently completed luxury apartments at the city's docks tonight.
A number of apartments are available for sale and to let in the popular warehouses, through Naylor Powell.
Apartments are for sale from £114,950 or to let from £575 per calendar month.
Ten warehouses have now been completed as part of the docks' regeneration.
n open evening is taking place between 5.30pm and 7.30pm.