Right to buy scheme helps build new homes

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Beachbuggin on Southsea Common. Picture: Allan Hutchings

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MORE than 10,000 people have taken their first step on the property ladder thanks to the revamped Right to Buy scheme.

New figures revealed also show promise of more affordable houses being built, as Fareham Borough Council is among the councils taking advantage of the scheme to build 40 new homes.

In the year to April 2013, 8,398 council and housing association tenants took up their Right to Buy – the highest level since 2007. These, on top of the 2,149 Right to Buy sales in the first quarter, take the total sales to more than 10,000.

Now money from council homes sold off is being used by to build new homes to rent out.

To date, Right to Buy sales have generated £173m in additional income, with councils given three years in which to invest these funds.

Work has already started across the south east on 68 new homes funded in part by Right to Buy receipts. These include Fareham council, which is building 40 new affordable homes to rent.