About Right to Buy
The Right to Buy scheme was introduced in 1980 and is designed to help social housing tenants in England buy their home at a discount.
Since April 2012, major changes have been made to Right to Buy. Maximum discounts were increased from as little as £16,000 in some areas to a maximum of £75,000 across England. And for the first time, the money raised through extra sales is going towards building new affordable homes for rent.
In March 2013, discounts in London were increased even further to £100,000 (to reflect higher property prices).
More than 13,000 tenants have become homeowners since the Right to Buy discounts were increased, generating more than £200 million to fund new affordable homes for rent.
On 3 January 2014 the government announced plans to increase the maximum discount for a house to 70% of its value, and the £75,000 cap (£100,000 in London) will start increasing in line with the consumer price index (CPI) rate of inflation. These changes will require changes to the law – the aim is to do so in the Spring.
If you have more questions, check out our questions and answers.