New figures show that the number of homes sold between April 2012 and April 2013 totalled 5,942, more than double the number sold in the previous year and the highest numbers of sales since 2007.
Launched in April last year, the reinvigorated Right to Buy offers eligible tenants discounts of up to £75,000 off the value of their home, and up to £100,000 in London.
A total of 2,449 properties were sold between January and March this year, more than 4 times the 566 sold during the same period in 2012.
Housing Minister Mark Prisk said that with discounts increased to a maximum £100,000 in London, and moves to make even more tenants eligible for the Right to Buy, these sales figures could increase even further over the coming year.
The minister also pointed to a range of measures the government is taking to increase awareness among tenants about the reinvigorated Right to Buy offer, including workshops and roadshows in local areas.
Today’s figures only account for sales of council-owned properties: on top of this, thousands of housing association tenants can also take up their preserved Right to Buy – meaning even more people will be able to become homeowners through the scheme.
“Seizing the opportunity” of Right to Buy
Mr Prisk said the government was determined to help people who work hard and want to get on, and today’s figures demonstrated the real appetite among tenants to “seize the opportunity” to become homeowners.
Going forward even more people could now be able to access to the scheme. Currently tenants need to have lived in their council property for at least 5 years before they are eligible, but under measures announced in the Queen’s Speech, this will be reduced to 3 years, significantly increasing the numbers of people able to take up the offer.
Housing Minister Mark Prisk said: "I’m delighted that so many tenants are choosing to seize the opportunity to get on the property ladder through the reinvigorated Right to Buy. As a government we are determined to ensure that whoever you are – whether a prospective first time buyer, an existing homeowner or a social tenant – if you work hard and want to get on, we will support you to move up the property ladder.
"But I want to go further and ensure as many people as possible are able to take up this offer to buy their council home. That’s why we’re making changes so anyone who has lived in a council property for at least 3 years could be eligible for the scheme, and tenants living in London can now benefit from a discount up to £100,000.
"Any tenant interested in seeing whether they are able to take up the Right to Buy should contact their council or visit our website to see what steps they can take towards home ownership."
These 5,942 sales have generated £368 million in gross income. Under the reinvigorated Right to Buy, receipts from additional sales will be recycled back into new affordable homes for rent.
Councils across the country have seen a surge in Right to Buy sales over the past year. Some of the biggest increases in sales have been seen in:
- Haringey with 79 sales: 887% more than the previous year
- Greenwich with 129 sales: 617% more than the previous year
- Welwyn Hatfield with 68 sales: 580% more than the previous year
- Southwark with 94 sales: 291% more than the previous year
- Newcastle with 90 sales: 221% more than the previous year
- Kirkless with 110 sales: 205% more than the previous year
- Sandwell with 184 sales: 142% more than the previous year
- Birmingham with 310 sales: 109% more than the previous year
- Wolverhampton with 119 sales: 98% more than the previous year
Councils across the country have welcomed the government’s extra support for aspiring tenants. Councillor Phil Turner, Deputy Leader of Basildon Council said: "Since the Right to Buy scheme was launched last year council tenants now have a greater opportunity to buy their house and become homeowners.
"Under the scheme around 9,000 council tenants in the Basildon borough can take advantage of increased discounts of up to £75,000 to help them buy their house.
"Applications have increased by 400% and the numbers that have gone through to completion has doubled. This illustrates how popular this scheme has become and how the people of Basildon are grabbing this opportunity with both hands."
