23
Dec
Right-to-buy revitalised
People looking for
property for sale in London may soon find many more affordable
homes available across the capital, as the government has announced
new right-to-buy proposals.
Housing minister Grant Shapps said that reforms were needed, as the
current caps on the amount of discount people can receive made the
scheme pointless. Only 3,700 bought their house through the scheme
last year, far lower than the peak of 84,000 a decade ago.
Under the new proposals, the cap will sit at £50,000, trebling
what discount can be had for many people.
Mr Shapps said that this would help the market, with one home being
built for every one sold.
"When this government came to power our inheritance was a paralysed
housing market and a devastating collapse in construction," he
added.
The Council of Mortgage Lenders said that this was a positive move
from the government.