David Cameron has put forward a radical idea for increasing home ownership – by converting rent payments on social housing into mortgage repayments.
Speaking at a conference on first-time buyers, the leader of the opposition party revealed his public service review group is due to consider proposals for this new type of Right to Buy scheme.
Cameron says: Right to Buy wasnt just about individual aspirations to own a property, it was about creating mixed communities.
“It made Britain more socially mobile and improved neighbourhoods.
But what about those that got left behind? This scheme would create a whole new generation of home owners.
Cameron admits there are disadvantages to his dream of a property owning democracy.
The Right to Buy scheme has been criticised for depleting social housing stock and forcing many people to live in temporary accommodation, including bed and breakfast establishments.
However, he adds that the scheme will empower local councils to build more social housing to replace those used up in the scheme.
He also cites the benefits: Millions will be about to own a house and have an asset for life. They can then pass this asset on to their descendants.
“This scheme will extend the housing market, improve neighbourhoods and I believe it is an idea really worth looking at.