Recent Changes
At the 2011 Conservative Party Conference, David Cameron proposed to increase Right to Buy discounts in order to revitalise the housing market and generate receipts which could be spent on new housing. Social housing professionals have expressed concerns over the proposal.
As of 2 April 2012 the Right to Buy discount has been increased to a maximum of £75,000 or 60% of the house value (70% for a flat) depending on which is lower.
The aim of the scheme is, for every additional home sold, a new home will be built for affordable rent, which will maintain the level of affordable housing while also increasing the number of properties available for those on the waiting list. The five year tenancy criterion will remain, and should the property be sold within the first five years of the original sale, part or all of the discount will be required to be paid back.
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