Council house buyers funding new homes

By Michael Upton | 16/07/2012 0 comments

Council house buyers funding new homes

COUNCIL officials are using proceeds from the re-invigorated Right to Buy scheme to help fund new houses.

The revamped Right to Buy, launched in April, offers England’s 2.5 million council tenants discounts of up to £75,000 when buying their home.

And for the first time, every extra council property sold under the scheme will be replaced by a new affordable home for rent.

Rotherham Borough Council is among 120 councils nationally to have signed up to keep the receipts from their additional Right to Buy sales and spend them on new homes.

A new agreement gives them the freedom to and decide on the type, size and location of the new homes they build according to local needs and work with other organisations such as housing associations to ensure the additional affordable homes are built in their area.


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