Savings accounts for first-time buyers in Labour draft manifesto

The Labour Party intends to establish post office savings accounts for first-time buyers to help them to build up deposits for mortgages.

Under current rules first time buyers need to supply a deposit of 10%.

This is becoming increasingly difficult because of the rising price of rents.

Plans in the draft version of Labour's manifesto seen by the Sunday Independent would establish high interest saver accounts if they get re-elected.

The Central Bank has it will review its mortgage rules, but is unlikely to relax them.