Right to Buy boosting home ownership across the country
Nearly 270,000 households have now been helped to purchase a home through government backed schemes.
Nearly 270,000 households have now been helped to purchase a home through government backed schemes including Right to Buy and Help to Buy since 2010.
This has been boosted by latest figures showing nearly 3,000 people bought under the Right to Buy scheme between July and September, a 3% increase.
And councils received £230 million from sales of homes - a 9% increase for the same quarter last year – which will go towards building additional homes.
For every property sold under Right to Buy a new additional affordable home will be provided which will further increase housing stock nationwide.
The top 10 places taking up Right to Buy are: Birmingham, Leeds, Sheffield, Sandwell in the West Midlands, Southwark, Greenwich (both in London), Nottingham, Leicester, Barking and Dagenham in London, and Wolverhampton.
Housing Minister Brandon Lewis said:
We are determined to make peoples aspiration for owning their own home a reality and these figures show the growing eagerness of tenants to take up their Right to Buy.
We have got Britain building again and the additional homes that will be build from the sale of properties is an important part of our commitment to deliver one million new homes.
Since 2012, more than 46,000 people have taken up the chance to buy their home through the reinvigorated Right to Buy scheme.
And a volunteer agreement extended the offer of home ownership to 1.3 million housing association tenants giving many more people the chance to own their home to many who would not otherwise have had the opportunity to buy.
More than 180 housing association tenants a day are showing interest in taking up this option with more than 11,000 tenants already registering their interest. Of these 2,000 tenants are in London.
The historic agreement between the government and housing associations also ensures an additional home will be built for every one sold nationally, delivering many more new affordable homes across the country.
Five housing associations are leading the way offering a pilot scheme which gives tenants in eligible areas the chance to begin the process of buying their home now.
The government is committed to delivering one million homes over the next 5 years.
Britain is building again and figures show the number of new homes in England has risen by 25% in the past year. This is the highest annual percentage increase in additional homes for 28 years.
More than 700,000 additional homes have been delivered since 2010.
Latest figures show more than 268,000 households have now benefited from government backed schemes such as Right to Buy, Help to buy and Shared Ownership.
The Right to Buy scheme gives qualifying social tenants the opportunity to buy their rented home at a discount.
The top 10 places with tenants taking up Right to Buy are:
|Local authority||Right to Buy sales Q1 2012-13 to Q2 2015-16|
|Barking and Dagenham||643|
Since July 2014 the maximum amount of cash discount available has been £77,900 in England and £103,900 in London.
Under the reinvigorated Right to Buy, local authorities are now able to keep the receipts from additional Right to Buy sales to pay off debt and fund additional affordable housing.
Data is collected from a quarterly local authority return to the DCLG.
For more information on a range of government schemes that make home-buying more affordable visit www.ownyourhome.gov.uk.
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