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Budget 13: London Right to Buy discount extended to £100k

The chancellor has extended the Right to Buy discount on London properties to £100,000 and reduced the overall qualifying period for eligibility.

The Government previously increased the maximum discount on homes bought through the Right to Buy scheme to £75,000 in April.

The maximum discount cash cap in London, where the Government says the current cap is most keenly felt, will be increased further to £100,000 from 25 March.

The Right to Buy scheme previously offers tenants with five-years tenancy to purchase the home they are living in from local authorities. This has now been reduced to three years.

Housing minister Grant Shapps said the revised scheme would not reduce the number of affordable homes in the country as any homes bought under Right to Buy would instead lead directly to the provisions of new affordable homes for rent.

There are also plans for the Government to simplify the Right to Buy application process for both local authorities and prospective tenants.



In my opinion

After dramatic credit crisis decline came a steadily building recovery in buy-to-let mortgage volumes with the outlook now positive.

Peter Williams MS blog

Budget 2013: Plenty of scope for unintended consequences

As if Budget Day this Wednesday was not already loaded with significance, it comes just weeks after ratings agency Moody’s decided to downgrade the UK from its cherished AAA rating, which will only heighten the anticipation when George Osborne leaves No. 11 Downing Street to present his plans for the economy.


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