Plans to Extend Right to Buy

Boris Johnson has announced that around 2.5 million tenants who are renting from housing associations will be given the right to buy them outright.

Currently, tenants in council homes are able to buy their homes at a discounted price of up to 70% off the market value, depending on how long they have lived there. The scheme is less generous for those in homes owned by housing associations.

By extending the scheme, up to 2.5 million tenants would stand to benefit by gaining the right to buy, giving them opportunities to become homeowners, allowing them to add value and make improvements to their home as they choose to.

The government will work with housing associations on the design of the scheme extension.

The Prime Minister has further committed to building a replacement social home for every one sold.

In addition to this, the government will also commence an independent review of access to mortgage for first time buyers, with the intention of widening access to low-cost, low-deposit finance such as 95% mortgages.

(Source: gov.uk)