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Right to Buy property sales on the up

Right to Buy property sales on the up

Category: Mortgages

Updated: 17/05/2013
First Published: 17/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of local authority homes purchased by occupiers increased during the final quarter of 2012 to four times the level seen in the same period twelve months ago.

According to the Department for Communities and Local Government, an estimated 5,942 homes were sold by local authorities under the Right to Buy scheme over the course of last year, more than double the total recorded in 2011.

Almost 2,450 homes were sold during quarter four last year, compared with just 566 during the final quarter of 2011.

Despite remaining relatively stable during 2009 and 2010, sales of local authority homes have boomed over the past year, largely in part to the increased discounts offered to tenants since April 2012.

High levels of sales in a number of London boroughs saw the capital take a 21% share of overall purchases in the UK during the last three months of 2012, with a large number of sales also taking place in the West Midlands.

Introduced in 1980, the Right to Buy scheme allows longstanding tenants of council and housing association properties to buy their home at a discounted price.

Tenants must have lived in the same property for at least two years to be eligible.

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