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Right To Buy

Right to Buy was originally introduced by Margaret Thatcher through the Housing Act 1980 and allows most council tenants to buy their council property at a discount.

Under the current rules, you can apply to buy your council home if:

It’s your only, or main home. It’s self-contained, ie, you don’t share any rooms (including kitchen, bathroom and toilet) with people from outside your household. You’re a secure tenant (ie. if there’s a legal contract between you and the landlord). You’ve had a public sector landlord (eg, a council, housing association or NHS trust) for three years (it doesn’t have to be three years in a row). You have no legal issues concerning debt.​

The amount of discount you get if you go through the Right to Buy scheme depends on whether you live in a house or a flat:

If you live in a flat

You get a 50% discount if you’ve been a tenant for between three and five years.

After five years, the discount goes up by 2% for every extra year you’ve been a tenant, up to a maximum of 70% – or £84,200 across England and £112,300 in London boroughs (whichever is lower).​

Example

Someone who has been a tenant for 10 years could buy a £100,000 flat for just £40,000 – using a 60% discount.

If you live in a House

You get a 35% discount if you’ve been a tenant for between three and five years.

After five years, the discount goes up by 1% for every extra year you’ve been a tenant, up to a maximum of 70% – or £84,200 across England and £112,300 in London boroughs (whichever is lower).

Here at Abundance Finance we will be delighted to walk you through the process and give the excellent end to end service to make you feel confident.

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