Millions of tenants may be given the right to buy their homes in major shake up

MILLIONS of Britons could be given the Right to Buy their rented homes if proposals set out by the Prime Minister get the go ahead.

Thatcher announces Right to Buy scheme in 1974

Get pensions news and advice plus latest money alerts for FREE now

Invalid email

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Boris Johnson wants up to 2.5 million tenants to be given the right to buy the homes they rent from their housing associations. This would mean a major shake-up to the current system in plans that are reminiscent of the Thatcher scheme.

In the run up to the local elections on Thursday May 5, details have emerged the Conservative Party could be about to announce a new scheme giving Britons the right to buy their rented homes.

Proposals would mean 2.5 million tenants in England who rent properties from housing associations would be able to buy their homes at a reduced price.

It’s not the first time people have been encouraged to buy their rented properties – a similar scheme was brought in for council tenants by Margaret Thatcher.

In addition, billions of pounds paid by the Government in housing benefit could be used to help recipients secure mortgages.

READ MORE: Saving money: 10 ways to save hundreds of pounds in May

Boris Johnson is considering launching a Buy to Rent scheme for housing association tenants

Boris Johnson is considering launching a Buy to Rent scheme for housing association tenants (Image: Getty)

A Government source said Boris Johnson has been considering the plans for a number of weeks.

They told the Telegraph: “The Prime Minister has got very excited about this. It could be hugely significant.

“In many ways it is a direct replica of the great Maggie idea of ‘buy your own council flat’.

“It is buy your own housing association flat.”

DON’T MISS:

Nationwide increases interest rates on savings accounts [UPDATE]

State pension alert as many ‘fearful’ sum will be axed altogether [WARNING]

State pension may be received early with payment today – why? [ALERT]

Meanwhile, millions of people are still waiting for their £150 council tax rebate.

Chancellor Rishi Sunak promised it would be in peoples’ bank accounts from April but although some councils have paid out, other residents are still waiting.

The deadline for councils to pay the money is September.

The £150 rebate could be a lifeline to millions of Britons right now who are struggling to survive the cost of living crisis.

What is Universal Credit?

What is Universal Credit? (Image: Express)

The Local Government Association reassured people that it is processing payments as quickly as it can.

Delays have been blamed on new software and essential fraud checks.

Secretary of State for Levelling Up, Michael Gove, recently said: “As we emerge from the pandemic, we understand the pressures facing many families as global inflation levels increase.

“The support we have introduced will help millions of people, particularly those on the lowest incomes and the most vulnerable.”

What is happening where you live? Find out by adding your postcode or visit InYourArea

He continued: “We continue to stand behind the British people and I urge everyone who is eligible to claim this rebate to do so.”

Approximately 20million households qualify for this £150 rebate which will be paid to households in council tax bands A to D.

Another £144million is being granted to councils for discretionary support for those who do not qualify, including individuals in council tax bands E to H.

To apply for this, people will need to get in touch with their local council directly.

IPSO Regulated Copyright ©2022 Express Newspapers. “Daily Express” is a registered trademark. All rights reserved.

Roy Walsh

Related post