Right to Buy Scheme Changes
Right to Buy Scheme has been enhanced recently and details of how thousands of new homes affordable to many has been made public by the DWP
The scheme will give 2.5 million social tenants the opportunity to buy their own home with considerable discounts. In some cases this discount could be up to £75,000.
The plan is based on the back of the money that will be raised from the sale of these being re-invested in new stock in the local community by the council. Though councils will be given up to 3 years to spend the money raised from the sale of their existing council stock in this way.
Under a new agreement, details of which have recently been released councils will be able to keep receipts from Right to Buy sales and also have the freedom to spend the cash as they see fit to meet their own local housing demand. The council will retain the right to decide on the type, size and location of any new homes built according to their housing requirements.
Housing Minister Grant Shapps said: "By upping the Right to Buy discount to a maximum of £75,000 we've given hope back to thousands of council tenants who want to own their home, and for the first time in years, social housing is on the move”
This initiative, it is hoped will give councils the opportunity to refresh their housing stock which for far too long has been left wanting,
It was made clear that councils must act quickly to deliver up to 170,000 affordable homes over the next 4 years which means they must up the speed at which they sell-off their council stock to fund the new builds, which is a win-win scenario for social tenants and councils alike.