William Eichler 28 October 2024

Chancellor to slash Right to Buy discount

Chancellor to slash Right to Buy discount image
Image: Mish.El / Shutterstock.com.

Chancellor Rachel Reeves is set to dramatically reduce the Right to Buy discount offered to tenants purchasing their council house.

The Government has announced that discounts under the Right to Buy scheme will be reduced ‘so that thousands more council homes remain in the sector.’

Research published in July by the District Councils’ Network (DCN) found that 6,000 council homes were sold under the scheme in England last year and only half of them had been replaced.

The details are expected to be included in the Budget on Wednesday, but the maximum discounts for council tenants will reportedly be cut from 70% to 25%.

Ms Reeves said: ‘We are rebuilding Britain by ramping up housebuilding and delivering the 1.5 million new homes we so badly need.’

A housing package was also announced over the weekend aimed at delivering up to 5,000 new affordable social homes with £500m in new funding for the Affordable Homes Programme.

The Government will also consult on a new 5-year social housing rent settlement, which caps the rents social housing providers can charge their tenants.

Cllr Louise Gittins, chair of the Local Government Association (LGA), welcomed the confirmation of reforms to the Right to Buy scheme.

‘It has become increasingly impossible for councils to replace homes as quickly as they’re being sold through the Right to Buy (RTB) scheme,’ she said.

‘The LGA has long called for reform to RTB and these positive measures will support the replacement of sold homes and to stem the continued loss of existing stock.’

Cllr Gittins also said a 5-year social housing rent settlement was ‘a step in the right direction’ but added that a minimum 10-year rent settlement was needed to provide stability to Housing Revenue Accounts.

SIGN UP
For your free daily news bulletin
Highways jobs

Neighbourhood Manager

The Royal Borough of Kensington & Chelsea Council
Negotiable
Shape the services that help residents feel safe, heard and supported.As a Neighbourhood Services Manager at the Royal Borough of Kensington and Chels England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Adults Social Worker - West Essex

Essex County Council
£37185 - £50081 per annum + Flexible Working, Hybrid Working
Register your interest here to be notified of upcoming opportunities in West Essex. We welcome expressions of interest from Experienced and Newly Qua England, Essex, Harlow
Recuriter: Essex County Council

Key Worker - Young Carers Service

Essex County Council
£25081.0000 - £27653.0000 per annum
Key Worker - Young Carers ServiceFixed Term, Full Time£25,081 to £27,653 per annumLocation
Recuriter: Essex County Council

Community Development and Green Skills Lead - 2 Years

The Royal Borough of Kensington & Chelsea Council
Negotiable
Seize local green employment opportunities - for a fairer and more sustainable futureSeize local green employment opportunities - for a fairer and mor England, London, City of London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Apprentice Customer Services Assistant

Essex County Council
Up to £14567.0000 per annum
Apprentice Customer Services AssistantFixed Term, Full Time£14,567 per annum rising to £23,557 per annum on the second yearLocation
Recuriter: Essex County Council
Linkedin Banner