10,000 Council Tenants Buy There Own Homes Since 2012
Right To Buy
With the new discount cap increased to £75,000 council tenants have been queuing up to buy their council properties. The right to buy which Margaret Thatcher famously introduced in the 1980’s has allowed hundred of thousands of families to own their own property whilst boosting council coffers to allow them to build new homes.
Tenant Discount Cap Rises To £75,000
The right to buy has been left to wither on the vine over the last decade because the discounts being offered by councils were not increases and therefore not attractive to tenants. However the conservatives quadrupled the discount cap to £75,000 which seems to have motivated tenants to buy their homes.
The government has welcomed the increase in sales as further proof that the economy is turning the corner and that receipts received from these sales will allow authorities to build new housing stock at a time when money is tight and further cuts have yet to be implemented.