Revamped Right to Buy to deliver thousands of new homes
Details of how thousands of new affordable homes will be built using the cash proceeds from the government’s reinvigorated Right to Buy scheme have been unveiled by Housing Minister Grant Shapps. The Minister said he was responding to appeals by local authorities for more time to take advantage of the new scheme by allowing them three years to reinvest the funds they gain from additional sales into hew housing. He said councils now have a “prime opportunity” to refresh their housing stock and help meet the housing needs of hard-working families currently languishing on the waiting list. The revamped Right to Buy, which will give 2.5 million social tenants the opportunity to buy their home with discounts of up to £75,000, was launched last month. Mr Shapps has said his ambition is that, for the first time, every extra Right to Buy home sold will be replaced by a new affordable home to rent nationally.
For more information, please visit the Department for Communities and Local Government website.