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The right to buy a council house seem to be not taking off as expected by the government

Date: (21 September 2012)    |    

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Government’s revival of one of Margaret Thatcher’s flagship policies, the right to buy a council house, with much fanfare appeared to have been stalled with only one in 25 families having had said that they would like to purchase their homes doing so , according to a survey.
Only one in 25 families have really managed to do so the survey has revealed.
The trade journal Inside Housing, which covers the sector has used the freedom of information requests to 25 councils in London, Birmingham, Leeds and Newcastle and found that just 233 sales were completed though there were 5,697 expressions of interest from tenants.
In April the prime minister declared that two million social tenants would be able buy their properties with a discount of up to £75,000. The government had aimed for 100,000 sales, providing a chance for the first time buyers who were finding it hard to pool up an advance, to secure a vital rung on the property ladder.
The uncertain economic scenario, difficulty in getting mortgages and high house prices has rendered most prospective buyers out of race from buying a house even in the social sector, the magazine pointe out that Birmingham council received the greatest number of expressions of interest, at 696, but had sold just 65 properties since April. In the same period last year it had sold 71 homes.
Croydon council recorded 119 expressions of interest since April, but could manage only two sales.
Dudley Mead, the cabinet member for housing at Croydon Council told Inside Housing that as far as he believed the mortgage market was dead in the water and that is what was delaying the process.
The Communities and Local Government Department said that it had expected that anyone thinking of buying their home under the scheme would have waited until the new discounts came into force in April and after that it takes a number of months for a sale to go through.

 

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