STORY
The Government has confirmed a further overhaul of Right to Buy in England, saying the changes are aimed at protecting scarce social housing while still keeping a route into home ownership for long term tenants. The reforms will increase the minimum qualifying period from three years to ten, cut discounts so they begin at 5% of a property’s value and rise by 1% a year to a maximum of 15% or the cash cap, and introduce a 35 year exemption for newly built social homes so they cannot be sold under the scheme during that period.
Ministers said the measures are intended to help councils rebuild housing stock that has been depleted by past sales. The Government has already said councils will be allowed to keep 100% of Right to Buy receipts, and the latest announcement forms part of a wider effort to increase the supply of social and affordable homes. Housing minister Matthew Pennycook said reform was needed to better protect social housing while maintaining what the Government called a responsible route into ownership.