Right to Buy Scheme

Tue 20th Mar 2012

The Right to Buy scheme was introduced in the eighties and gives qualifying social tenants in England the right to buy their home at a discounted rate.

Secure tenants of both local authorities and non-charitable housing associations have the Right to Buy if they have been public sector tenants for at least five years.

The Right to Buy discount increases with the length of tenancy up to a maximum limit:

  • houses – the discount is set at 35 per cent of the property value plus 1 per cent for each year beyond the qualifying period up to a maximum of 60 per cent
  • flats – the discount starts at 50 per cent and rises by 2 per cent each year up to a maximum of 70 per cent.

Just under two million homes have been bought under the scheme to date.

In an attempt to encourage more tenants to take up the Right to Buy and have the chance of owning their own home, the Prime Minister announced that the Government was increasing the Right to Buy discount limits specified above across England to £75,000.

These changes to Right to Buy will come into effect on Monday 2 April 2012.

If you would like to discuss Right to Buy, email the head of our property team: alistair.whyte@coodes.co.uk.

Tue 20th Mar 2012

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