Right to Buy uptake increases five fold
Ruth Matthew, Today’s Conveyancer 26th August 2013
The latest figures from the Department for Communities and Local Government show that 2,149 properties were sold between April and June this year. Compared to the 443 sold during the same period in 2012.
The total number of council homes sold under the reinvigorated Right to Buy scheme is now over 8,000.
The sales have generated £129 million in gross income, with the money to be recycled back into development of new affordable homes.
Housing Minister Mark Prisk said: “I’m delighted that thousands of council tenants are seizing the opportunity to purchase their home through the reinvigorated Right to Buy.
“However, many councils still need to do more to bring the scheme to the attention of their eligible tenants.
“With larger discounts now available for tenants in London, and plans to extend eligibility for the scheme, I expect to see these numbers grow further.”
Planned legislation will extend the scheme further meaning tenants could only need to have lived in their property for three years instead of five.
AMS Solicitors in Preston can assist you with your Right to Buy Conveyancing needs – call or email us today for a personal quote.