Right to Buy: buying your council home 2024

Right to Buy: buying your council home 2024

Eligible individuals can acquire their council homes at a discounted rate under the Right to Buy scheme. This discount varies based on several factors and has a maximum limit of £96,000 across England, except in London boroughs where it's £127,900. Annually, in April, this maximum discount adjusts in alignment with the consumer price index (CPI).

Factors determining the discount include:

  • The duration of your tenancy with a public sector landlord
  • The type of property you're purchasing, whether a house or a flat
  • The current market value of your home

When purchasing jointly, the tenure of the longest-standing public sector tenant among the applicants is considered. However, if you sell the property within five years, you might need to repay the discount fully or partially. Also, note that if you've previously benefited from the Right to Buy, your discount may be reduced.

To estimate your specific discount, use the Right to Buy calculator. The discount rates differ between houses and flats. For houses, there's a 35% discount for those who've been public sector tenants for 3-5 years, which increases by 1% annually after the 5th year, capping at 70% or the maximum monetary limit. For flats, a 50% discount applies for 3-5 years of tenancy, increasing 2% per additional year thereafter, also capping at 70% or the monetary maximum.

The discount might be reduced if the landlord has recently invested in constructing or maintaining the property, with specific timeframes applicable based on when the home was built or acquired and the scheme you're buying under.

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