Extension raises discount for London tenants buying their homes from £75k to £100k
The council also supports the Government’s decision – which emerged in Wednesday’s Budget – to change legislation in the near future to reduce the time tenants have to wait before they are eligible for Right to Buy from five to three years.
Since the previous £75,000 discount took effect in April 2012, the borough’s home ownership teams have helped facilitate 50 completions under the scheme – with money raised through sales being spent on new affordable homes.
Wandsworth has long been at the forefront of campaigns to increase the Right to Buy discount. Last April the Prime Minister met with council leader Ravi Govindia in Southfields to announce that more working households would be able to afford to purchase their home from the council through the scheme.
The new £100,000 discount is being offered to Londoners in response to high property prices in the capital that are continuing to rise.
Councillor Ravi Govindia, leader of Wandsworth Council, said:
“Another significant increase in the discount is fantastic news for tenants struggling to afford to get on the property ladder due to the high price of homes in Wandsworth.
“Right to Buy is all about giving a helping hand to ordinary people who simply want to own their own home &ndasMarch 26, 2013on even more achievable.”
The council has its own ‘Right to Buy information booklet’ which explains how to apply and other important matters such as service charges and costs that tenants should consider when deciding whether to buy their home.
It is in the process of being sent to every council home in the borough and can be downloaded online by visiting www.wandsworth.gov.uk/righttobuy.
Information on Home Ownership options available to council tenants and non-council tenants can be found at www.wandsworth.gov.uk/homeownership.
March 22, 2013