The Right to Buy scheme has been helping council tenants own their own homes for nearly 40 years. Introduced in 1980, the Right to Buy scheme assists those who live in properties owned by the council to purchase their home for a reduced rate, discounted by up to £78,600 for properties outside of London. For properties within the London area, this discounted rate increases to £104,900. Since this reduced rate was introduced in 2012, more than 63,000 council properties have been purchased through Right to Buy.
Owning your own home can be a real long-term investment, not only for you but for your family’s future. It allows you to make changes and improvements, to make the house feel like your home, and it gives you the opportunity to get a firm footing on the property ladder.
The eligibility criteria for Right to Buy changed somewhat in 2015, when it was decided to reduce the minimum requirement of five years public sector tenancy to just three years. This means that more people than ever before are eligible for the scheme.
The Right to Buy scheme is available to council tenants who are interested in owning their own home, however, there are other eligibility criteria you will need to meet to be able to make an application
Find out what it takes to be eligible to apply for the Right to Buy scheme, here.