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A £200m pilot Right to Buy scheme which will see housing association tenants offered the opportunity to get a foot on the housing ladder has been launched in the Midlands.
The Government has announced that the scheme, which pledges to replace every purchased property with a new affordable home, presents a fantastic opportunity for many housing association tenants to purchase their own property.
The scheme will provide significant discounts of up to 50% on properties for any individual or family who have been living in the property for over three years, and it is hoped that if the pilot is successful, that eventually 1.3million tenants will benefit form the potential to purchase their home.
As the scheme is currently only in a pilot stage, places in the scheme are being allocated via a ballot which closes on September 16th. The Pilot will run until Spring 2020 to allow for purchase to complete. All funds from purchases will be put back into new housing within the community.
Once the pilot is complete, the Government plan to assess the impact and success of the scheme, before deciding on the next steps.
We are committed to providing opportunities for people to get a foot on the property ladder and to have a place they can call their own. Our £200 million investment into the Midlands Voluntary Right to Buy pilot is the first step in helping housing association tenants realise their dream of home ownership,’ he added.
Secretary of State for Housing and Communities James Brokenshire
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