£75,000 Council house discount

– Right to Buy RTB

The NewBuy Guarantee will support an estimated 50,000 jobs in construction and related industries by increasing demand for newly-built homes.

The scheme will also help jumpstart the stalled housing market as people begin to move, ensuring more newly-built and older properties become available to buy.

 

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Right to Buy Mortgages

Mr Shapps also published final details of a revamped Right to Buy, which will significantly increase the discounts for two million social tenants in England.

For years, the discounts available under Right to Buy have steadily declined, putting the dream of buying a home out of reach for many tenants – fewer than 3,700 sales were made last year compared to a peak of 84,000 less than 10 years ago.

Ministers have made a key commitment that everyone should have the chance to own their own home, so from April tenants could benefit from a discount of up to £75,000, more than quadrupling the discount cap in London and trebling it in most other parts of the country.

Mr Shapps said the new Right to Buy would see no reduction in the number of affordable homes, with any additional homes bought under the scheme leading directly to the provision of new affordable homes for rent.

Council House £75,000 discount – right to buy scheme

Councils will be able to sign an agreement with the Government for using the receipts from sales to build new affordable homes in their area. The receipts will only need to meet 30 per cent of the costs, mirroring the highly successful funding model used for the Affordable Homes programme.

Where receipts are not used locally they will be passed to the Greater London Authority and the Homes and Communities Agency, who will re-invest the money in new affordable housing across the country.

The Prime Minister said:

“Strong families and stable communities are built from good homes. That’s why I want us to build more homes and I want more people to have the chance to own their own home. We are acting today across the board to make this happen.

“We’re re-booting the right to buy scheme to increase discounts for two million tenants in social housing in England. And we’re delivering on our promise to offer affordable mortgages to buyers who might otherwise not be able to raise the money to buy a newly-built home.

“It’s no good hoping people will climb the property ladder if the bottom rung is missing. Affordable properties and available mortgages are vital. So we’re working with leading house builders and lenders to get the scheme underway.

“It’s a vital boost to the housing market, giving people good affordable new homes and backing thousands of jobs in construction in the process. This government doesn’t just talk about expanding home ownership: we’re making it happen.”

 

Council House £75,000 discount – right to buy scheme

Housing Minister Grant Shapps said:

“This Government inherited a housing market in disarray, with millions of hard working people blocked from taking their first step on the housing ladder – their desire to buy a home no longer a dream, but a distant fantasy.

“We want to help everyone achieve their aspirations, and feel the pride of home ownership. So I’m delighted that from today the NewBuy Guarantee will give thousands of prospective buyers the chance to buy a home with a fraction of the deposit normally required.

“We’re also scrapping the miserly restrictions on the level of discounts under Right to Buy – great news for thousands of tenants who have done well for themselves and want to buy the home they live in. But we are determined to maintain the number of affordable homes for rent – so for the first time, homes that are sold will be replaced by a new affordable homes, helping councils meet housing need and getting the nation building again.”

 

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