New opportunity for Rooftop residents to own their homes
This summer a Voluntary Right to Buy pilot scheme has been launched giving thousands of social housing association tenants throughout the Midlands the opportunity to buy their home.
This pilot scheme is an extension of the current rules which allow council housing tenants the right to purchase the property they are renting at a discounted rate. The pilot opens this opportunity up to those letting from housing associations across 70 local authorities in the Midlands.
It follows on from the deal made between the National Housing Federation and the government allowing 1.3 million tenants the chance to achieve their dream of home ownership. This scheme will offer residents significant discounts on their home of up to 50% for those who have lived within social housing for more than three years.
The government has provided a £200 million fund for the scheme with places allocated via a ballot ensuring fairness for all applicants, and all money from the discounted sales will be used to fund new replacement homes.
Housing Secretary, James Brokenshire, said “Our £200m investment into the Midlands Voluntary Right to Buy Pilot is the first step in helping housing association tenants realise their dream of home ownership.”
The ballot will close on the 16 September 2018 and the pilot will run until Spring 2020
The scope of the pilot is General Needs only and the scheme is a fantastic opportunity for many hard-working families from the region to be able to own their property outright for the first time.
For more information on the scheme and to see if you are eligible we have provided a comprehensive guide for VRtB