Two and a half million tenants renting their homes from housing associations will be given the right to buy them outright, the Prime Minister announced on Thursday 9 June.
In a speech, he confirmed an extension of the popular Right to Buy scheme, which has made home ownership a reality for two million households since the 1980s.
Currently, tenants in council homes are eligible to buy their homes at a discounted price, up to 70% off the market value dependent on how long they have lived there. However, the scheme is less generous for those in homes owned by housing associations.
Extending the scheme could benefit up to 2.5 million tenants who would gain the right to buy, freeing them up to become homeowners, and add value and make improvements to their home as they wish. It will also work for taxpayers and be responsibly capped at a level that is fully paid for; affordable within the government’s existing spending plans, and with one-for-one replacement of each social housing property sold.
The government will work closely with the housing association sector on the design of the scheme.
Social housing will always play an important role in our society, so the Prime Minister will also commit to the building of replacement social homes for each one sold.
Over 350,000 young people and families have been helped into homeownership with Help to Buy since its launch in 2013. The major milestone was reached as the official Help to Buy statistics were published on 11 May 2022. The statistics show: 355,634 properties have been bought with a Help to Buy: Equity Loan since its […]
Young couple sat down together, surrounded by cardboard packing boxes, looking happy.
The Prime Minister has announced (9 June) that the government will launch an independent review of access to mortgage finance for first-time buyers, with the aim of making it easier for this group by widening access to low-cost, low-deposit finance such as 95% mortgages. Currently, soaring house prices, stringent mortgage lending restrictions and high deposit […]