Hard sellPosted: August 28, 2014 | |
As sales pass 20,000, what’s been the impact of England’s ‘reinviograted’ right to buy so far?
Figures released by the DCLG last week show 20,027 sales since April 2012, when the maximum discount was increased to £75,000. This followed David Cameron’s Conservative Party conference speech in October 2011, when he said the proceeds would be reinvested in new affordable homes.
The government continues to introduce extra sales incentives. These include a new maximum discount for London of £100,000 from April 2013, £100 million to improve access to mortgage finance plus right to buy sales agents, annual inflation uprating of discounts and an increase in the maximum percentage discount on a house. Finally, the Deregulation Bill will reduce the qualifying period from five years as a tenant to three once it completes remaining stages in the Lords and gets Royal Assent.
That’s the context. But what are the numbers? And what about the wider impacts warned about by critics? Here’s an assessment so far:
-> Read the rest of this post on Inside Edge, my blog for Inside Housing