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It has been announced today that Boris Johnson is planning on extending the current Right to Buy scheme.

The current Right to Buy scheme in England allows council tenants to purchase their home from the respective council at a discounted price , thus opening up the options for people to get on the property ladder and owning their own home.

In the plans being drawn up by Boris Johnson ahead of the coming elections he is revisiting an idea that was first bought up in 2015 in which the Right to Buy scheme would be extended to also allow Housing Association tenants to purchase their properties from the respective housing association also at a discounted price.

While if introduced these scheme may mean a potential drop in the levels of housing association properties it would also mean that the number of people who own their own home would increase which may further lead to an increase in housing stock levels over the next few years.

It is not yet clear on the amount of discount that would be applied to purchases but the current Right to Buy scheme allows discounts of up to 70% on the purchase price.

The full article can be found over on property industry eye via the link below

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