{"id":56107,"date":"2015-03-27T18:31:00","date_gmt":"2015-03-27T18:31:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=270c144168ad752ad7a56baeb7935114"},"modified":"2015-03-27T18:31:00","modified_gmt":"2015-03-27T18:31:00","slug":"press-release-new-fund-will-help-more-tenants-to-become-homeowners","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=56107","title":{"rendered":"Press release: New fund will help more tenants to become homeowners"},"content":{"rendered":"
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Council tenants unable to take up their Right to Buy will have the help they need to become homeowners under plans announced by Brandon Lewis today (27 March 2015).<\/p>\n

The Housing Minister announced that 42 councils will each receive a share of nearly \u00a320 million to help tenants with the Right to Buy to buy their own home on the open market.<\/p>\n

The Right to Buy Social Mobility Fund<\/a> will particularly help those looking to move for work, to be nearer to family, or those whose properties are difficult to mortgage.<\/p>\n

Housing Minister Brandon Lewis said:<\/p>\n

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The Right to Buy offers a helping hand to thousands of council tenants across the country to become homeowners \u2013 but some remain trapped in their own homes, unable to take up this opportunity.<\/p>\n

The Right to Buy Social Mobility Fund changes, and offers people the chance to get on the property ladder and buy a home that best suits their needs.<\/p>\n<\/blockquote>\n

Helping people onto the property ladder<\/h2>\n

Housebuilding, and supporting aspiring homeowners, are key parts of the government\u2019s long-term economic plan.<\/p>\n

The government reinvigorated the Right to Buy in 2012, increasing discounts so they currently stand at \u00a377,000 outside of London and \u00a3102,700 in the capital.<\/p>\n

Since then, more than 33,000 households have taken up their Right to Buy, with nearly \u00a3730 million in sales receipts being reinvested in affordable housebuilding.<\/p>\n

Overall, council housing starts are at a 23-year high.<\/p>\n

Today, Brandon Lewis announced the allocation of \u00a318.48 million Right to Buy Social Mobility funding, to help tenants across the country to buy on the open market.<\/p>\n

Those councils will now set up local schemes, so that tenants can apply for \u00a320,000 outside London, or \u00a330,000 in the Capital, towards buying a new home \u2013 freeing up their social home for a family in need.<\/p>\n

Tenants will be able to apply for this support if they are able to support a mortgage but cannot buy the property they are in.<\/p>\n

This could benefit older people who want to buy smaller properties or be nearer their family, or someone looking to move to take up a job opportunity.<\/p>\n

Alternatively, it could help those who are in properties that are difficult to mortgage because of the way they are built.<\/p>\n

Further information<\/h2>\n

Right to Buy discounts currently stand at \u00a377,000 outside London and \u00a3102,700 inside London \u2013 from April 6 these discounts will increase by the Consumer Price Index measure of inflation to \u00a377,900 outside London and \u00a3103,900 in the capital.<\/p>\n

Measures in the Deregulation Act have increased the numbers of tenants eligible for the Right to Buy \u2013 previously, a tenant would have to live in council housing for 5 years before qualifying; this has been reduced to 3 years.<\/p>\n

42 of the 55 councils that bid into the scheme will receive a share of \u00a318.48 million<\/p>\n