50,000 take up Right to Buy since 2012

// HA News

Nearly 50,000 households have now taken up their Right to Buy since the scheme was reinvigorated in 2012.

This means 291,000 households have now been helped to purchase a home through government backed schemes - which also include Help to Buy - since 2010.

The latest figures show more than 3,000 people bought under the Right to Buy scheme between October and December.

And councils received £259 million from sales of homes which will go towards building additional homes.

For every additional home sold under the Right to Buy a new additional affordable home is built which further increases the housing stock nationwide.

There have now been nearly 5,000 starts on additional homes, exceeding the target for one for one additional sales.

Housing Minister Brandon Lewis said “We are determined that anyone who aspires to own their own home should have the opportunity to do so.

These figures show people are still very keen to take up their Right to Buy and why we are now extending that opportunity to housing association tenants.

Britain is building again and homes are being delivered following the sale of properties. Alongside this a thousand tenants are registering each week to join those who have already realised their dream to own their home.”

These figures figures show that the top 10 places taking up Right to Buy are Birmingham, Nottingham, Leeds, Sheffield, London’s Newham, London’s Tower Hamlets, Wolverhampton, London’s Southwark, Kingston Upon Hull and London’s Barking.

And the voluntary Right to Buy will extend the discounts currently enjoyed by council tenants to 1.3 million housing association tenants giving them the chance to own their home too.

More than 25,000 housing association tenants have already registered their interest in taking up this option – with 1,000 registering their interest each week.

The historic agreement between the government and housing associations also ensures an additional home will be built for every one sold nationally, significantly increasing supply across the country and 2 for 1 in London.

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