Right to Buy scheme set for extension

Housing association tenants will be able to take their first step towards owning their own home, under the government’s plan to extend the Right to Buy scheme.

The tenants will be the first in England to be eligible to apply to the new Voluntary Right to Buy scheme as part of a pilot which is being run by five housing associations.

The moves follows the agreement between the government and the National Housing Federation to extend the Right to Buy to 1.3 million housing association tenants. The new agreements means every home sold will be replaced nationally with a new affordable home.

Currently, Right to Buy provides social housing tenants the opportunity to buy their home with a discount of £103,900 in London and £77,900 elsewhere.

Greg Clark, Communities Secretary, said: “Anybody who works hard and aspires to own their own home should have the opportunity to realise their dream. The Right to Buy is central to that and has already helped more than 46,000 into homeownership since we reinvigorated the scheme in 2012.

“Thanks to the historic voluntary agreement with the sector a further 1.3 million housing association tenants now have the chance to open the door to their own home, starting with this trailblazing pilot scheme.”

The trial will help inform the design and implementation of the final main scheme before it is rolled out across the country.