Mark Whitehead 01 July 2016

London council launches alternative to Right to Buy

London council launches alternative to Right to Buy image

An innovative scheme launched by an east London council will enable tenants to buy a stake in their home while ensuring the local authority retains its housing stock.

In what is thought to be a national first, Barking and Dagenham Council says its 'right to invest' plan will help tenants get onto the housing ladder in the face of the capital’s ‘ridiculously expensive’ property market.

It means tenants can purchase a stake of between 25% and 70% of their home, while also benefiting from their right to buy discount, and will pay rent to the council on the remaining share.

They will have to offer the council first refusal before they sell their share on the open market.

More than two million council homes have been sold since right to buy was introduced in the early 1980s, allowing tenants to buy the property they were renting.

The government relaunched the policy in 2012, increasing the discount and extending it to housing association tenants.

Barking and Dagenham council leader Darren Rodwell said: 'London’s ridiculously expensive property market has meant the idea of home ownership for most ordinary people is just a pipedream.

'Barking and Dagenham has the lowest level of owner-occupation in London, so it is important that we help those on low incomes to get a foot on the housing ladder.

'This will also help create a stable community where no-one is left behind.'

For your free daily news bulletin
Highways jobs

Greater Cambridge Partnership Head of Innovation

Cambridgeshire County Council
£70,026 - £75,644
The Greater Cambridge Partnership (GCP) is responsible for transforming Greater Cambridge through a City Deal.. Cambridgeshire
Recuriter: Cambridgeshire County Council

Head of Service - Performance, Projects and Intelligence

Sheffield City Council
£60,344 - £64,765 per annum
An exciting opportunity has arisen to join the Strategy and Commissioning team in the People portfolio. Sheffield
Recuriter: Sheffield City Council

Residential Worker - The Maples, Harlow

Essex County Council
£20604 - £26801 per annum + + 6% allowance & Possible Ovetime
Residential Worker - The MaplesPermanent, Full Time£20,604 to £26,801 per annumLocation
Recuriter: Essex County Council

Estate Services Officer

London Borough of Richmond upon Thames and London Borough of Wandsworth
£32,556.79 per annum
The role of an estate services officer will provide candidates with an important role within... London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Social Worker Level 1

Royal Borough of Greenwich
£34.884 - £37.722
You will be a social worker who has had experience or enthusiasm to work with older people with mental health needs. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue