Good news for people in social housing who want to own their own homes.
At the beginning of April, David Cameron announced a huge increase in the discounts available to council tenants who want to buy their homes. The maximum discount is now £75,000.
In the 1980's, millions of people living in council properties bought their homes but when Labour took over, they cut the discounts and changed the eligibility criteria. Fewer tenants could get onto the property ladder. The new Conservative scheme will use the money from the sales to provide new affordable homes for rent. For every additional home bought under Right to Buy, a new affordable home will be built.
The new scheme will have to be approved by Parliament and, in the meantime, people can register their interest on Facebook by
Full details of the scheme are:
- You must have been a public sector tenant for five years before you can qualify to purchase your home through Right to Buy. This tenancy can be in your current home or in a previous one, with a different landlord.
- For a house, you can get a discount of 35 per cent, after a five-year tenancy. For each extra year, you get an additional 1 per cent discount up to a maximum of 60 per cent.
- For flats, you can get a discount of 50 per cent, after a five-year tenancy. For each extra year, you get an additional 2 per cent discount up to a maximum of 70 per cent.
See also: Communities & Local Government - Your Right to Buy Your Home (A guide for tenants of councils, new towns and registered social landlords including housing associations (PDF)
For further information about the CWO, or to arrange an interview with anyone named in this release, please contact:
Tel: (020) 7984 8139