I was delighted to see in the Budget book some measures to boost the right to buy.
There are three point:
- An increase cap in London, from 25 March 2013, in the maximum £75,000 to £100,000.
- The Government will simplify the Right to Buy application process for both local authorities and prospective tenants. It will "look at ways to simplify the application process to ensure applicants are not hampered by a burdensome administrative process."
- Eligibility: The Government will reduce the time tenants have to wait before they are eligible for Right to Buy from five to three years.
The Government says:
The additional receipts from increased sales will be used to pay down housing debt and support the Government’s commitment to 1:1 replacement of all additional homes sold.
In boroughs such as mine there has been great enthusiasm for the right to buy but that has translated into a small number of sales. The £75,000 discount just hasn't been quite enough. The increase to £100,000 will be a great help. What would help even more would be a right to part buy.