Aspiring tenants behind right to buy surge
The numbers of tenants taking up the ‘Right to Buy’ their council home has more than doubled.
Figures published recently show that the number of homes sold between April 2012 and April 2013 totalled 5,942, more than double the number sold in the previous year and the highest numbers of sales since 2007.
These 5,942 sales have generated £368 million in gross income. Receipts from these additional sales will be recycled back into new affordable homes for rent.
A total of 2,449 properties were sold between January and March this year, more than four times the 566 sold during the same period in 2012.
Today’s figures only account for sales of council-owned properties: on top of this, thousands of housing association tenants can also take up their preserved Right to Buy – meaning even more people will be able to become homeowners through the scheme.
Seizing the opportunity to buy your own home
Launched in April last year, the reinvigorated ‘Right to Buy’ scheme offers eligible tenants discounts of up to £75,000 off the value of their home and up to £100,000 in London.
Housing Minister Mark Prisk said that with moves to make even more tenants eligible for the Right to Buy, the sales figures announced today could increase even further over the coming year. Currently tenants need to have lived in their council property for at least five years before they are eligible, but under measures announced in the Queen’s Speech, this will be reduced to three years, significantly increasing the numbers of people able to take up the offer.
The Minister also pointed to a range of measures the Government is taking to increase awareness among tenants about the reinvigorated Right to Buy offer, including workshops and roadshows in local areas.
Mr Prisk said the Government was determined to help people who work hard and want to get on, and today’s figures demonstrated the real appetite among tenants to “seize the opportunity” to become homeowners.
Housing Minister Mark Prisk said: “I’m delighted that so many tenants are choosing to seize the opportunity to get on the property ladder through the reinvigorated ‘Right to Buy’ scheme. As a Government we are determined to ensure that whoever you are – whether a prospective first time buyer, an existing homeowner or a social tenant – if you work hard and want to get on, we will support you to move up the property ladder.
“But I want to go further and ensure as many people as possible are able to take up this offer to buy their council home. That’s why we’re making changes so anyone who has lived in a council property for at least three years could be eligible for the scheme.
“Any tenant interested in seeing whether they are able to take up the Right to Buy should contact their council or visit our website to see what steps they can take towards home ownership.”
