Reform UK deputy leader has announced plans to renew
Right to Buy, creating a new generation of homeowners, renewing
aspiration and giving young people a physical stake in their
future.
Reform UK will reverse Labour's assault on the Right to Buy.
Labour are in the process of raising the required tenancy length
for Right to Buy from 3 years to 10 years. This will lock
approximately 600,000 households out of the scheme. Further, for
those who satisfy the ten year tenancy, the discount they get on
the property will be just 5%, increasing by 1% a year up to a
maximum of 15%.
We recognise that the motivation for this change is to preserve
the existing housing stock. However, this is downstream of the
failure of the Conservatives, and then Labour to build the homes
needed to replace those being sold. The Conservative party
increased discounts for Right to Buy in 2012, and by 2024 had
sold 124,000 homes, they replaced just 48,000 of them in that 12
year period.
Reform UK will reinvigorate Right to Buy and replace the houses
that are sold at a ratio of two to one. We envisage the sale of
250,000 social homes within 10 years. The tenancy required to
purchase will be reduced to 5 years, upon which a 30% discount
will be available, rising to 40% after 10 years.
The scheme will be available exclusively for British nationals.
The median value of a council house is £185,000. A 35% discount
would deliver a sale price of £120,000. The envisaged sale of
250,000 social homes, at this rate, will generate £30 billion.
Reform UK will create a statutory obligation, requiring this
money to be reinvested in the construction of new affordable
homes.
Reform UK deputy leader said:
Renewing Right to Buy will be a rewiring of the social contract,
returning the dream of home ownership to young people up and down
the country.
The Conservative Party expanded right to buy, whilst failing to
replace the homes they sold, Labour are all but scrapping the
Right to Buy, despite the fact that was happy to buy a council
house and cash in a £50,000 profit.
Reform UK will expand the Right to Buy, and will replace every
house sold with two new houses built.
Let's give our young people the homes they deserve.
