You are here: Home - Specialist Mortgages - News -

33,000 take advantage of relaunched Right to Buy

Written by:
More than 33,000 people have taken advantage of the government’s Right to Buy scheme since its relaunch in 2012.

The scheme, popularised under the Margret Thatcher government of the 1980s, allows long-term tenants living in council properties the opportunity to buy their home at a discounted price.

At present tenants can benefit from a discount of up to £77,000 outside of London and £102,700 in the capital city.

Around £730m has been generated in sales receipts in the past three years, something the government claims has generated a further £1.7bn of investment.

Housing and planning minister Brandon Lewis said the discounts offered for using the scheme would be increased in April and rules would be relaxed to make more tenants eligible.

Lewis said: “The Right to Buy gives something back to families who worked hard, paid their rent and played by the rules. It allows them to do up their home, change their front door, improve their garden – without getting permission from the council. It gives people a sense of pride and ownership not just in their home, but in their street and neighbourhood.”

He said the current government had improved on the record of the previous administration.

“Twice as much council housing has been built under this government than in all 13 years of the last administration combined, when just 1 council home was built for every 170 Right to Buy sales,” he added.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your Mortgage Guides

Your Mortgage Award Winners 2021-2022

Read our guide to the best mortgage lenders in the UK

Read More >