Right to Part Buy: a new home ownership revolution in Wandsworth?
Published: Friday 18th November 16
Council tenants in Wandsworth could soon have a Right to Part Buy a share of their home with a substantial discount, creating a new generation of homeowners.
From next year, secure tenants not able to afford the full price of their council home would instead be able to purchase a proportion of it and pay a low rent on the rest.
The percentage being bought would reflect the proportion of the full £103,900 Right to Buy discount, so for example buying a 25 per cent share would mean a discount of £25,975.
There would also be the opportunity of purchasing additional shares, known as ‘staircasing’, up to 100% of the property over time.
Under the proposals, the council would then reinvest the proceeds of Right to Part Buy sales into building new affordable homes.
If residents wish to move on and to sell their share, the council would have first refusal on the property.
Cllr Paul Ellis, Cabinet Member for Housing, said: “Wandsworth has always been one of the pioneers of home ownership policies, and as one of the first councils to introduce a Right to Part Buy, we aim to help many more people onto the housing ladder. This will also fund the construction of new affordable housing, which the Mayor of London, Sadiq Khan, has recently endorsed our achievements in.”
The Right to Part Buy proposals were agreed unanimously by the council’s housing and regeneration overview and scrutiny committee on 15 November, and are set to go before the executive on 28 November, and if approved would be implemented from January, 2017.
It is one of several Wandsworth Council home ownership policies, such as house purchase grants for council tenants; local priority for shared ownership homes; and a dedicated home ownership service.
For more information, please visit www.wandsworth.gov.uk/homeownership