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New mortgage rules could boost home ownership
The new mortgage rules announced by Chancellor Rachel Reeves aim to assist first-time buyers on lower incomes, allowing them to borrow more than 4.5 times their salary. The government estimates that this initiative could help 36,000 individuals enter the housing market. Furthermore, the upcoming Renters' Rights Bill could potentially increase the number of properties for sale. David Sturrock from the Institute for Fiscal Studies noted: "These policies together could push in the same direction in terms of actually boosting home ownership among people who are on the margins."
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