The Government's Right to Buy scheme has seen over 36000 new Homeowners and generated huge amounts of funding for Local Authorities to create new homes which are desperately needed. The scheme is to be extended over the next 5 years which will hopefully provide more funding for more council homes. The Help to Buy Government schemes also continue to be hugely popular and get many more first time buyers on the property ladder which can only be good for the Housing Market as a whole.
Helping aspiring homeowners and housebuilding are key parts of the government’s long-term economic plan. Since the Right to Buy was reinvigorated, nearly £860 million in sales receipts is being re-invested in house building; levering a further £2 billion of investment over the next 3 years. This means that in total, over £2.8 billion will be raised to invest in affordable house building as a result of the as a result of Right to Buy. Council house building starts are now at a 23 year high and almost twice as many council homes have been built in the last 4 years than from 1997 to 2009. Previously, councils were not encouraged to build new homes from sales receipts and only 1 new council home was built for every 170 Right to Buy sales completed.