The Government has confirmed sweeping reforms to Right to Buy, tightening eligibility rules and reducing discounts in a bid to protect England's depleted social housing stock.
The minimum eligibility period will increase from three to 10 years before council tenants can apply to purchase their home. Discounts will start at just 5% of the property value, rising by 1% annually up to a maximum of 15%.
A new 35-year exemption period will also prevent newly built social homes from being sold under the scheme for over three decades after construction.
The Government has also committed to further work on fraud prevention, to protect vulnerable tenants from being pressured into buying, and will review how the scheme operates in rural areas.
The Chartered Institute of Housing welcomed the reforms as a positive step, though the changes will only be brought forward when parliamentary time allows.
Gavin Smart, CEO, Chartered Institute of Housing: ‘The measures confirmed today are a positive step towards addressing the long-standing imbalance between homes sold and those replaced.
‘We also welcome the further work on fraud prevention and the scheme’s impact in rural areas, both of which are crucial to ensuring Right to Buy operates fairly and sustainably.’
