The original Right to Buy scheme introduced by Mrs Thatcher’s Government in the 1980s proved hugely popular with tenants who were able to buy their homes, often at a discount of 50% or more.
This only however applied to council tenants and whilst in 2012 some housing association tenants were granted a right to buy, the discounts available were generally much smaller.
The new Conservative Government says its new Housing Bill will create a level playing field, where council and housing association tenants will be entitled to the same discounts.
Applicants for the right to buy will need to have been a tenant for three years or more. Discounts will start at 35% and in some cases could be as high as 70%,depending on the length of the tenancy and the location of the property.
The National Housing Federation estimates that approximately 221,000 households should be able to afford to buy their homes under the new rules.
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