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Barking and Dagenham Council offers £40k instead of Right to Buy
Barking and Dagenham Council has offered 40 of its tenants a payment of £40,000 in place of a Right to Buy discount, granting tenants a chance to purchase a new home on the open market.
The council’s alternative programme will involve issuing the money to 40 applicants who are able to gain approval for a mortgage and aims to have completed the purchase of a new property by 31 March.
Councillor Saima Ashraf, deputy leader and cabinet member for housing, said: “This scheme is a great way for current tenants to get on the property ladder without it being restricted to their current council home. It also means that the council gets to keep its housing stock which is in more demand than ever.
“These are very tight timescales and the council will do its best to process applications as quickly as possible for interested applicants, but I must stress that for anyone who wants to take up this great offer they must act quickly; I wouldn’t want interested people to miss out.”
The council currently manages around 18,000 council properties and is encouraging applicants who are eligible to step forward.
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