Govt offers higher Right to Buy discounts
Higher Right to Buy discounts are to be offered to council house tenants who want to own their own home, the government has announced.Maximum discount caps have been raised, enabling tenants to benefit from as much as £77,000 off the value of their home outside London and £102,700 in the capital. Each year, the maximum cash discount will now rise each year by the Consumer Price Index level of inflation.There has also been an increase in the maximum percentage discount on houses, from 60 per cent to 70 per cent. Right to Buy receipts will continue to be invested in house building, replacing every property sold since the restart of the initiative with a new affordable home to rent.In addition, a team of advisors has been set up to support the scheme, providing free advice, help and information for prospective homeowners.The Right to Buy agent service, set up the Department for Communities and Local Government, will also help tenants avoid the hidden fees charged by some independent financial advisors for assistance with the process.Prospective buyers also stand to benefit from the introduction of a more user-friendly application form. A checklist is to feature on the redesigned document to ensure applicants have fully completed all sections of the form, while a 'next steps' page will let them know what to expect when their application is considered.Housing minister Brandon Lewis said Right to Buy was unduly neglected by the previous government but the coalition has reinvigorated the programme."The new agent service, increased discounts and easier to understand application form will ensure even more families can reap the rewards of their hard work and enjoy the security and peace of mind that comes from owning your own home," he added.Over 19,500 people have become homeowners through the revitalised initiative and Mr Lewis pointed out that this has generated £420 million in receipts for new additional affordable housing.
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