A landlord tenancy agreement can lead to the customer eventually buying the property in question, it would seem.

The Independent has reported on a new phenomenon in the housing market, which involves people renting homes off private landlords and other sector organisations with the view to own the property outright later down the line.

One of the regions involved in the scheme is Acton in west London, which sees the Shepherd's Bush Housing Association offer flats to rent at prices below normal market levels.

People who pay the rent are then encouraged to be saving towards a mortgage deposit at the same time.

Despite house prices dropping considerably in recent months, first-time buyers have still struggled to get their inaugural home.

Mortgage finance has been hard to find as many financial services providers decided to reign in lending and only offer mortgages to those who can find huge deposits.

Written by Sarah Field

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