Over 10,000 council and social housing tenants have moved towards home ownership using the re-launched Right to Buy scheme, according to government figures.
After the scheme’s discount cap was increased to £75,000 in April 2012, 8,398 council and housing association tenants have exercised the right to buy their properties.
An additional 2,149 sales also took place through Right to Buy in the first quarter of this year.
Housing minister Kris Hopkins said the success of the ‘reinvigorated scheme’ would lead to the construction of more affordable housing, with receipts from Right to Buy sales being directed towards construction.
Nearly 40,000 households have now been supported into home ownership through government-backed schemes, Hopkins said.
Hopkins said: ‘For years the Right to Buy was allowed to wither on the vine, with ever-decreasing discounts leaving the prospect of home ownership out of reach for far too many social tenants.
‘But our reinvigorated scheme has changed that, with increased discounts helping more than 10,000 new homeowners onto the property ladder.’
This report comes to you from LG News