Millions of council tenants could become the owner of
most of their home for free, under a plan being pushed by work and pensions
secretary Iain Duncan Smith. Tenants living in local authority housing for
three years would be handed 70 per cent of its equity then rent the rest of the
home, in a scheme to slash the housing benefit bill. Mr Duncan Smith wants to
reduce welfare spending, and this Right to Shared Ownership idea is being
considered. The stake would be equivalent to discounts under the Right to Buy
scheme – up to 70 per cent of the value, or a maximum of £103,900 in London and
£77,900 outside the capital. He believes it could unleash a new generation of
part-home owners as well as slash the £25billion a year housing benefit bill.
Read more on the Daily Mail website.
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