|Council tenants can now take advantage of increased discounts of up to £75,000 to help them buy their house.|
The new discounts introduced by the Government are part of a shake-up of the Right to Buy scheme. This has more than doubled the previous maximum discount available to Basildon tenants of up to £34,000.
Under the shake-up, tenants with five years residency will qualify for a 35% discount. They get an extra 1% for every added year up to a maximum discount of £75,000. Those in flats will get 50% off after five years, with 2% added yearly.
The cash raised from sales will also be reinvested in building new affordable homes for the community.
Cllr Tony Ball, leader of Basildon Council welcomed the increase in discounts:
“Ten years ago, Basildon Council sold over 200 homes under the Right to Buy scheme, but last year only 20 properties were purchased by tenants.
“The improved discounts will reinvigorate the Right to Buy scheme and enable those people that may have previously been excluded to get on the housing ladder.”
“The majority of people wish to own their own home, take responsibility for it and make changes to it when they wish, and this will help people to do that.”
The new Right to Buy scheme together with the freedoms given to council’s for housing finance, should also enable more affordable homes to be built. “This will also help the building industry and help the councils to meet its housing need” concluded Cllr Ball.
Basildon Council has 11,200 tenants, and the council will soon be writing to all tenants informing them of this opportunity.