Cameron: Right-to-buy for ‘hard workers’

right to buy council

right to buy councilIf you are one of the many who want to buy their own home but cannot afford to do so, have you considered taking advantage of some of the best help available in years?

The Government recently unveiled plans to increase discounts available to people wishing to buy their council homes as part of attempts to support the property market.

Prime Minister David Cameron hopes that more council tenants will take advantage of the right-to-buy scheme now that discounts of up to £75,000 are available.

If you have lived in your council house for five years you qualify for a 35% discount on the asking price, and the discount increases by 1% for every subsequent year you have lived at the property. A maximum discount of £75,000 is on offer.

Alternatively, if you live in a flat, you qualify for a 50% discount after five years, and that discount rises by 2% for every subsequent year

If you live in council accommodation but cannot afford to buy just now, fear not for the money generated by these house sales will go to build more social housing to ensure that levels are not depleted.

Mr Cameron said: "I want many more people to achieve the dream of home ownership. In the 80s, Right to Buy helped millions of people living in council housing achieve their aspiration of owning their own home.

"It gave something back to families who worked hard, paid their rent and played by the rules. It allowed them to do up their home, change their front door, improve their garden - without getting permission from the council.

"It gave people a sense of pride and ownership not just in their home, but in their street and neighbourhood, helping to build strong families and stable mixed communities. But over time the discounts were cut, they didn't keep pace with rises in property prices, and this vital rung on the property ladder was all but removed.

"This Government is now putting it back by dramatically increasing the discount rates so that we support the dreams of those council tenants who to want to own the roof over their head."