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12/03/2012
Major Discounts Offer To Council Tenants
David Cameron has revealed a plan to stimulate the right-to-buy scheme by offering council tenants discounts up to £75,000.
Tenants could receive a 35% discount after five years’ residency with an extra 1% for each additional year. Tenants of council flats would receive a 50% discount after five years and a further 2% each year.
Cameron said the plan would help encourage "strong families and stable communities".
The government will also announce details of its new buy guarantee that would give would-be buyers access to mortgages even is they only have a 5% deposit.
Ministers believe the initiative will help 100,000 people who otherwise would be ‘frozen out’ of the property market. The names of three high street banks and seven construction firms, who will support the scheme, will be released.
Cameron said: "Strong families and stable communities are built from good homes. That's why I want us to build more homes and I want more people to have the chance to own their own home.
"We are acting today across the board to make this happen. We're rebooting the right-to-buy scheme to increase discounts for two million tenants in social housing in England. And we're delivering on our promise to offer affordable mortgages to buyers who might otherwise not be able to raise the money to buy a newly built home.
"It's no good hoping people will climb the property ladder if the bottom rung is missing. Affordable properties and available mortgages are vital. So we're working with leading house builders and lenders to get the scheme under way."
Shadow housing secretary, Jack Dromey, dismissed the announcement as “too little too late”, going on to say that the number of lenders had fallen from seven to three and the number of construction firms from twenty-five to seven.
(H)
Tenants could receive a 35% discount after five years’ residency with an extra 1% for each additional year. Tenants of council flats would receive a 50% discount after five years and a further 2% each year.
Cameron said the plan would help encourage "strong families and stable communities".
The government will also announce details of its new buy guarantee that would give would-be buyers access to mortgages even is they only have a 5% deposit.
Ministers believe the initiative will help 100,000 people who otherwise would be ‘frozen out’ of the property market. The names of three high street banks and seven construction firms, who will support the scheme, will be released.
Cameron said: "Strong families and stable communities are built from good homes. That's why I want us to build more homes and I want more people to have the chance to own their own home.
"We are acting today across the board to make this happen. We're rebooting the right-to-buy scheme to increase discounts for two million tenants in social housing in England. And we're delivering on our promise to offer affordable mortgages to buyers who might otherwise not be able to raise the money to buy a newly built home.
"It's no good hoping people will climb the property ladder if the bottom rung is missing. Affordable properties and available mortgages are vital. So we're working with leading house builders and lenders to get the scheme under way."
Shadow housing secretary, Jack Dromey, dismissed the announcement as “too little too late”, going on to say that the number of lenders had fallen from seven to three and the number of construction firms from twenty-five to seven.
(H)
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Northern Ireland WeatherThis Evening and Tonight:Clear intervals and occasional wintry showers this evening with local fresh snowfalls and some ice. Overnight as winds ease showers will die back to northern coastal areas. Frosty. Minimum temperature -3 °C.
