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Labor Party vows to cut Right-to-Buy discounts in extensive UK housing reform

Labor Party vows to cut Right-to-Buy discounts in extensive UK housing reform

Posted on January 2, 2024   |  

Labour Party proposes a significant reduction in discounts for tenants purchasing council homes through the "Right to Buy" program in the UK.

The Right to Buy program supports eligible tenants in England from council and housing associations, allowing them to buy their homes at a discounted price.

Currently, tenants can get up to a 70% discount on the home's market value, with limits at £96,000 in most of England and £127,900 in London, based on how long they've lived there.

People are worried that the program encourages tenants to buy and sell homes quickly, leading to a shortage of social housing.

In the UK, there's a high demand for social housing, and many people are waiting longer to buy their first homes (average age 33), making more homes necessary.

Both the Labour Party and the Conservatives promise to build 1.5 million new homes in the next 5 years to address the housing shortage.

The "Right to Buy" program started in the 1980s, making tenants homeowners, but changed a decade ago, resulting in over 2 million homes sold.

Now, Labour is suggesting lower discounts and longer waiting times for new tenants to join the program.



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