Social tenants to receive more help to buy their homes
The government wants to make it easier for tenants to purchase their homes by improving the Right to Buy scheme.
Currently, council tenants who want to buy their homes can qualify for a discount of up to 60%, depending on how long they have lived in the property. This is to rise to 70%.
The maximum sum that can be discounted is currently £75,000. This figure will now increase in line with the consumer price index rate of inflation.
Communities Secretary Eric Pickles hopes the new measures will make owning a home a more realistic ambition for thousands of tenants across the country.
There is a £100m fund to improve access to mortgage finance. The revenue from the additional sales will then go back into house building to create more affordable homes for rent.
The government has helped almost 50,000 households on to the housing ladder through Right to Buy, Help to Buy and other schemes since 2011.
Mr Pickles said: “For years the Right to Buy was slowly strangled, with a miserly cap on discounts killing the prospect of home ownership for most social tenants.
“We don’t think governments should be in the business of vetoing aspiration. That’s why we reinvigorated the Right to Buy.”
Social tenants will also have more opportunity to relocate for a new job or training.
Please contact us for more information about Right to Buy or any aspect of buying and selling a home.