Tenants who pay their rent on time and look after their property could be given money towards a deposit on their first home, under a new scheme set out by Woking Borough Council.
The ‘Earn Your Deposit’ scheme will offer 400 tenants of Thamsewey Housing Ltd the chance to save up to buy their own home.
If approved next week, the new scheme would offer money to those who pay their rent on time, keep their house and garden in good condition, and do not cause a nuisance to their neighbours.
Cllr David Bittleston, leader of Woking Borough Council, said: ‘Sadly, many tenants who rent affordable homes from Thameswey Housing Ltd have little or no hope of saving enough money to afford a deposit on a home of their own.
‘The Earn Your Deposit scheme is designed to help address this issue. For example, a tenant in a two bedroom property could receive £2,400 per year towards a deposit on a home of their own. For families in a four bedroom house this rises to £3,600 per year with a cap of £80,000. Consequently, a family could earn enough to put a substantial deposit on a property.’
Cllr Bittleston is calling on the Government to substitute Right to Buy with this new approach to help protect affordable housing.
Figures published today show councils have only been able to replace a fifth of homes sold under the Right to Buy scheme.