Council tenants offered £75,000 discount in right-to-buy scheme
David Cameron will try to breathe new life into the right-to-buy scheme by offering council tenants discounts of up to £75,000, arguing that the discount will help encourage "strong families and stable communities".
Families could receive a 35% discount after five years' residency, with an extra 1% for each additional year, up to a maximum of £75,000. It had previously been expected that the maximum would be set at £50,000.
Tenants in flats will get 50% off after five years, with 2% added yearly. The money raised from sales will go towards building more social housing.
The government is also announcing more details of its newbuy guarantee, designed to give would-be buyers access to mortgages even if they only have a 5% deposit. Names will be released of three high-street lenders and seven construction firms who have agreed to support the scheme.
Got to keep that house price bubble inflated at all costs.