Tory Leader David Cameron plans to revolutionise the Right to Buy market by allowing every council tenant the right to have their rent payments converted into mortgage repayments.
Cameron says: “Right to Buy wasn’t just about individual aspirations to own property, it was about creating mixed communities. It made Britain more socially mobile and improved neighbourhoods. But what about those who got left behind? This scheme would create a new generation of home owners.”
Paul Hunt, head of marketing at Platform, welcomes the news.
He says: “Right to Buy has been a fantastic success but we must learn the lessons of the past. Not everyone wants to buy their own home. There must be adequate supply of housing available so choice is not restricted.”
Cameron admits there are some drawbacks to his dream of a property-owning democracy but adds that the scheme will empower local councils to build more social housing to replace homes used up in the scheme.
He says: “Millions will be able to own houses and have an asset for life.”
He says: “Will the Tories underwrite these people and will they even qualify? It seems irresponsible to saddle people in social housing with this kind of debt.”