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Right to Buy for Housing Association Tenants Given the Go-Ahead
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Right to Buy for Housing Association Tenants Given the Go-Ahead
Around 1.3m housing association tenants will be given the right to buy their home from as early as next year, as the Government’s controversial scheme is given the go-ahead.
The Government has secured a deal with social landlords and the National Housing Federation (NHF).
Prime Minister David Cameron comments: “Some people said this would be impossible and that housing associations would never stand for it. But today we have secured a deal.”1
When they give a Right to Buy discount, the housing association will be compensated by the Government.
Housing associations will then keep the sales money to help them fund new homes. They will have flexibility over the tenure of the new stock, such as shared ownership.
In some cases, the housing associations can choose not to sell a particular property, for example, if it is in a very rural area and could not be replaced or if it has been adapted for disabled tenants.
However, if this arose, the housing associations would offer tenants the chance to use their discount on another home from either their own or another association’s stock.
1 http://www.propertyindustryeye.com/right-to-buy-for-social-housing-tenants-gets-go-ahead/
