Prime minister David Cameron has announced discounts of up to £75,000 will be available in a ‘new-style’ right to buy scheme for council and housing association tenants.
Mr Cameron claimed that existing discounts have failed to keep pace with property prices and said the new scheme could give up social tenants find a ‘vital rung’ on the property ladder.
However, council leaders have expressed concerns that the centralised scheme and high level of discounts will leave them without enough funds to build replacement homes.
Announcing the revived scheme, Cameron said: ‘I want many more people to achieve the dream of home ownership. In the 80s, right to buy helped millions of people living in council housing to own their own home.
‘But, over time, the discounts were cut; they didn't keep pace with rises in property prices and this vital rung on the property ladder was all but removed. This government is now putting it back by dramatically increasing the discount rates so that we support the dreams of those council tenants who to want to own the roof over their head.’
