Chancellor allocates funding for 3,000 Right to Buy homes

Philip Hammond 620px

In the Autumn Statement, the Chancellor announced that the Government will fund a so-called “large-scale” regional pilot of the Right to Buy scheme for housing association tenants.

The pilot will enable more than 3,000 tenants to buy their own home with Right to Buy discounts.

Commenting on the pilot, north London estate agent and former RICS residential chairman Jeremy Leaf says: “It sounds to me as though the government is kicking this into the long grass. It was a manifesto commitment to roll it out across the country but the government isn’t going to do that now because it is nervous about the cost.

“One size does not fit all when it comes to housing and what is appropriate in one area where there is a shortage, or the type of property may not be suitable – three-bed semis for example, rather than flats in tower blocks. There is another supply issue here because stock is not being replaced on a one-for-one basis, as was originally promised.”