Many in council accommodation are there
due to current prices in the UK’s cities. High prices mean, even with the
current Right to Buy discount, that many mortgages are out of reach for those
in these homes. Today we call for a reboot of Help to Buy: by making it
flexible.
·
Social tenants eligible for the Right to Buy
should be given a Flexible Right to Buy, entitling them to buy a new home,
using the value of their Right to Buy discount.
·
The tenant’s previous home would then be sold,
funding the discount and raising additional revenue.
·
A conservative estimate of the impact would see
21,000 tenants take advantage of the scheme with £2 billion of discounts on £9
billion of stock and net receipts of £7 billion.
Read more on the Adam Smith Institute website.
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