Nearly 3,000 homes were sold under the Right to Buy scheme in England between July and September this year, according to recent figures.
Right to Buy allows people in social accommodation to buy their home at a discounted rate.
It is designed to make it easier for people to make the transition from renting to owning a home.
The figures show that between July and September this year, an estimated 2,845 homes were sold by local authorities under the Right to Buy scheme. That is virtually the same as the figure of 2,846, from the same period last year.
Nearly a third (32%) of the sales between July and September of this year involved local authorities in London.
The figures only show sales from local authorities and don’t include other registered providers of social accommodation.
The average sale was £74,000, an increase of £11,000 compared with the same period last year.
Local authorities have reinvested the money and have either acquired or started to build 930 new homes.
Please contact us if you would like advice about the legal aspects of buying or selling a home.