23 Dec

Right-to-buy revitalised

Right-to-buy revitalised

People looking for property for sale in London may soon find many more affordable homes available across the capital, as the government has announced new right-to-buy proposals.

Housing minister Grant Shapps said that reforms were needed, as the current caps on the amount of discount people can receive made the scheme pointless. Only 3,700 bought their house through the scheme last year, far lower than the peak of 84,000 a decade ago.

Under the new proposals, the cap will sit at £50,000, trebling what discount can be had for many people.

Mr Shapps said that this would help the market, with one home being built for every one sold.

"When this government came to power our inheritance was a paralysed housing market and a devastating collapse in construction," he added.

The Council of Mortgage Lenders said that this was a positive move from the government.ADNFCR-1222-ID-801248515-ADNFCR

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