Tenants become homeowners with £100k discounts
Published: Friday 23rd August 13
A total of 38 working households in Wandsworth have exercised the Right to Buy their council home since the maximum discount was increased to £100,000 last April.
Of the 38 household to complete, 27 benefitted from the full £100,000 off the price of their home.
Wandsworth Council led a successful campaign to increase the Right to Buy discount which had been cut to a maximum of £16,000 by the previous Government.
David Cameron agreed to increase it to £75,000 in April 2012, and then to £100,000 for London tenants in April 2013.
Since the first increase Wandsworth has sold 93 homes to local households. Before the April 2012 increase only two homes had been sold through Right to Buy in a year.
Cllr Guy Senior, Wandsworth Council's Right to Buy spokesman, said:
"I'm delighted so many ordinary working households have become homeowners since we revived Right to Buy. We are up to 93 completions in Wandsworth and many more are working their way through the system - that's a terrific achievement.
"We appreciate the deep frustration felt by many low and middle income families who have been priced out of the London property market. This council will do everything it can to help them."
The funds raised through Right to Buy sales will be used to finance new affordable housing options for other local people.
The council has published a helpful Right to Buy information booklet for tenants who are interested in owning their own home. To read an online copy and to find out more about the home purchase process visit www.wandsworth.gov.uk/homeownership
Tenants who want more information can also speak to trained advisors in the borough's home ownership team. They can help people decide whether it is the right choice for them, and guide them through every stage of the buying process.
Advisors are available from Monday to Friday 9am to 5pm. Call (020) 8871 6016 or email firstname.lastname@example.org