The government has today launched the reinvigorated Right to Buy, with a new discount of up to £75,000. Since 1980, two million social homes have been bought by their occupants under the scheme, but numbers have gradually fallen - to fewer than 4,000 sales last year - as discounts have declined, making the scheme virtually meaningless in some parts of the country.
From April this year two million social tenants could benefit from a discount of up to £75,000 - more than quadrupling the discount cap in London and trebling it in most parts of the country.
Prime Minister David Cameron said:
I want many more people to achieve the dream of home ownership. In the 80s, Right to Buy helped millions of people living in council housing achieve their aspiration of owning their own home. It gave something back to families who worked hard, paid their rent and played by the rules. It allowed them to do up their home, change their front door, improve their garden - without getting permission from the council.
It gave people a sense of pride and ownership not just in their home, but in their street and neighbourhood, helping to build strong families and stable mixed communities. But over time the discounts were cut, they didn’t keep pace with rises in property prices, and this vital rung on the property ladder was all but removed. This government is now putting it back by dramatically increasing the discount rates so that we support the dreams of those council tenants who to want to own the roof over their head.
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