Government scheme: right to buy and affordable housing
It says the discount will be improved dramatically and will be up to half the value of the home, making home ownership ever more achievable.
The receipts from additional right to buy sales will be used to support the funding of new affordable homes for rent on a ‘one for one’ basis, which the Government expects to deliver up to 100,000 new homes and support 200,000 jobs.
Assistance for people buying homes will be matched by support for the people who build them, from the largest housebuilder to people who want to build their own homes.
Affordable housing providers are in line to share almost £1.8bn cash to develop new affordable homes. The first £1bn worth of contracts under the Affordable Homes Programme have just been confirmed, putting the Government on track to deliver up to 170,000 new affordable homes across the country over the next four years.
Tackling the 700,000 empty homes across the country is a top priority in the Government’s strategy, and a key feature in the drive to increase the provision of affordable housing.
Housing Associations and councils will be able to apply for part of £100m of Government funding to bring empty homes that blight neighbourhoods back into use. The money will be used for innovative housing schemes that will ensure empty properties that ruin neighbourhoods are lived in once again, communities are regenerated and at the same time more affordable housing is provided. Government is also announcing £50 million of further funding to tackle some of the worst concentrations of empty homes.
The schemes will be backed by cash rewards through the New Homes Bonus for councils bringing empty homes back into use, and many schemes will also have wider benefits such as providing excellent training opportunities for local people.
The Government is also consulting on plans to allow councils local discretion to introduce a council tax premium on homes in their area that have been empty for more than two years, to provide a stronger incentive for empty homes owners to bring them back into use.