Right to buy home

Member Article

Right to Buy: Still Relevant in 2024?

The# Right to Buy (RTB) scheme, introduced in 1980, has been a cornerstone of UK housing policy for over four decades. It allows eligible tenants of social housing to purchase their homes at a discounted price based on their ‘Right to Buy’. The scheme has been lauded for enabling people to achieve homeownership, but it has also been criticised for reducing the stock of social housing and disproportionately benefiting wealthier tenants.

That said, what is the relevance of it nowadays, heading towards 2024?

The Rationale Behind the Right to Buy

The introduction of RTB was part of Margaret Thatcher’s broader agenda of promoting homeownership and reducing the role of the state in social housing. The scheme was seen as a way to give tenants more control over their lives and to create a more diverse housing market.

Arguments in Favour of the Right to Buy

Proponents of RTB argue that it has provided many people with the opportunity to own their own homes and has helped to create a more stable and secure housing tenure. They also argue that it has increased the supply of affordable housing by encouraging the sale of former social housing properties.

Arguments Against the Right to Buy

Opponents of RTB argue that it has reduced the stock of social housing, which is essential for providing affordable housing to low-income households. They also argue that it has benefited wealthier tenants more than those on low incomes, as they are more likely to be able to afford to buy their homes.

Recent Changes to the Right to Buy Scheme

In recent years, there have been a number of changes to the Right to Buy scheme. In 2015, the government introduced a cap on the discount that eligible tenants could receive. In 2020, the government announced that it would allow the proceeds of RTB sales to be used to fund the construction of new social housing.

The Future of the Right to Buy

The future of the Right to Buy is uncertain. The current government has reaffirmed its support for the scheme, but there is some debate about whether it should be extended to housing association tenants. Opponents of RTB argue that this would further reduce the stock of social housing.

In Conclusion

The Right to Buy has been a controversial policy for many years, and there is no easy answer to the question of whether it is still relevant going in to 2024. The scheme has had both positive and negative impacts, and its future will depend on how it is managed in the years to come.

This was posted in Bdaily's Members' News section by iCONQUER Ltd .

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