It follows the government announcement that 1.3 million housing association tenants should qualify for the Right to Buy scheme, which had previously only been available to people in council owned properties. The scheme allows tenants to buy their homes at discounts of up to £103,900 in London, and up to £77,900 in the rest of the country.
Nearly 200 tenants a day have been registering an interest in buying their home.
The money raised will be used by housing associations to build a new home to replace everyone sold.
The government has also announced that it is providing £8m to fund the first wave of Starter Homes. The money will be used to help councils free up brownfield sites that are currently vacant and in need of clearance, remediation or demolition.
Communities Secretary Greg Clark said: “The funding will help 27 sites across the country prepare for the first Starter Homes to be built as part of the government’s commitment to building 200,000 Starter Homes.”
Mr Clark said the government is also broadening the definition of affordable housing to make it easier for housebuilders to provide affordable homes for rent and for purchase by first time buyers.
“Widening the definition enables a fuller range of low cost home ownership options to be built more swiftly and allows councils to take into account a broader range of housing types when considering local need.”
The Starter Homes, Right to Buy and the affordable housing proposals are all part of the government’s plan to create a million new homeowners by 2020.
Please contact us if you would like help with the legal aspects of buying and selling a home.