Legal News
Right-to-buy Scheme to Be Relaunched (5 October 2011)
Date: 05/10/2011
The Government is to relaunch the right-to-buy scheme, with proceeds being used to create new social housing. The Government plans to provide construction companies with the public sector land they require to build 100,000 homes. The companies will only fund the sites once the properties they have built on them have been successfully sold.
The original right-to-buy scheme was launched in the 1980s yet the Conservative Government was criticised for failing to reinvest the proceeds of house sales into new housing developments and thus, reducing the stock of social housing available to low income families. Under Labour, the scheme incurred cuts and this discouraged take-up. The Conservatives claim that the initiatives associated with the new scheme would create around 200,000 new homes and 400,000 extra jobs.
The discounts associated with the right-to-buy scheme have not yet been announced. However, it is thought that the length of time for which an individual has occupied the house will play a role in determining the discount. There will also be a limit on the discount received. The Government believes that adequate social homes are available to ensure that the success of the new right-to-buy system. Further details of the new housing strategy are likely to be released in the coming weeks.
Conveyancing solicitors at Duncan Lewis will be able to advise individuals on the right-to-buy scheme. The department can assist both first-time buyers and existing homeowners to navigate the process of buying a new home. The team prides itself on providing a professional, efficient service to clients new and old.