A consultation on the Government’s overhaul of the Right to Buy scheme has been launched.
The Government is seeking views on proposals to exempt newly built housing stock from Right to Buy and to introduce a ‘one-in, one-out’ rule that would require councils to build a new social home for each one sold under the scheme.
Over 124,000 council homes have been sold through Right to Buy since 2012 but during the same period fewer than 48,000 have been built or acquired using Right to Buy receipts.
Deputy prime minister and secretary of state for housing Angela Rayner said: ‘Too many social homes have been sold off before they can be replaced, which has directly contributed to the worst housing crisis in living memory.
‘We cannot fix the crisis without addressing this issue – it’s like trying to fill a bath when the plug’s not in.’
The proposed changes also include reducing the maximum discount from 70% to 25% and extending the minimum qualifying period from three to 10 years.
Rayner added: ‘A fairer Right to Buy will help councils protect and increase their housing stock, while also keeping the pathway to home ownership there for those who otherwise might not have the opportunity to get on the housing ladder.’
Check out: Reforming Right to Buy.
