Social tenants given chance to buy stake in home

Posted: 13 Feb 2007 10:08:49 GMT


            Property News - Social tenants given chance to buy stake in home

Social housing tenants will be given assistance to buy their homes even if they can only afford ten per cent of the asking price, the government has said

Social housing tenants will be given assistance to buy their homes even if they can only afford ten per cent of the asking price, the government has said.

The programme will build on the government's current right-to-buy policies that allow homeowners to purchase a 25 per cent stake of their home on a shared-ownership basis.

They can then benefit from the appreciation of their stake and will later on have a chance to buy-out more of the share in the property, although until they do they also pay rent.

The government expects 100,000 people will take a stake in their property between 2005 and 2010.

Tenants with a strong track record of engaging with their local communities and paying their rent on time are expected to most encouraged to take part in the programme.

A review of social housing currently being carried out is also considering whether the traditional right to a 'tenancy for life' should be scrapped since it can create bottlenecks.


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