Right to Buy: more than 56,000 new homeowners across the country
Over 56,000 households have now been helped to purchase a home through the government’s revitalised Right to Buy scheme since 2012.
New figures today (22 September 2016) show more than 312,000 households have now benefited from government-backed home ownership schemes including Right to Buy, Help to Buy and Help to Buy: Shared Ownership since 2010.
This has been boosted by new figures showing over 3,350 households bought under the Right to Buy scheme in the three months to June, a 21% increase from the same time last year.
And councils received £283 million from sales of homes - a 27% increase for the same quarter last year – which will be re-invested into new homes.
Housing and Planning Minister Gavin Barwell, said:
From London to Leeds, Right to Buy plays an important part in building a country that works for everyone, helping thousands of people become homeowners for the first time.
And we’re determined to replace the additional homes sold on a one-for-one basis, nationally - providing new affordable homes for rent for those who need them.
The top 10 places taking up Right to Buy are: Birmingham, Leeds, Sheffield, Sandwell in the West Midlands, Southwark, Greenwich, Nottingham, Newham, Leicester and Barking and Dagenham.
As of June 2016, there had been 7,018 starts and acquisitions. This delivers more than a one for one replacement on the 4,369 additional sales since the scheme was reinvigorated in 2012.
The voluntary agreement between government and housing associations will give even more households the chance to purchase their home with Right to Buy level discounts. The scheme is currently being piloted by 5 associations.
Under the agreement reached with the sector, when the main scheme is rolled out every home sold will be replaced nationally with an additional new property increasing the overall supply of housing.
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 2012-2013 to Q1 2016-2017|
|Barking and Dagenham||823|
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 Department for Communities and Local Government.
For more information on a range of government schemes that make home-buying more affordable visit ownyourhome.gov.uk.
For more information on Right to Buy in particular visit righttobuy.gov.uk.
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