The Government plans to “reinvigorate” the right to buy scheme by offering families in social housing discounts of up to 50 per cent off the purchase price of their homes.
Giving his autumn statement today, Chancellor George Osborne said the receipts from this scheme will be used to build more affordable homes.
Osborne added the previous Government had “slowly strangled” the right to buy scheme.
Last week, the Government announced plans to launch a mortgage indemnity scheme that will see it underwrite part of the risk, along with house builders, of lending to first-time buyers to allow more of these people onto the housing ladder.
It also announced a £400m fund to target house building schemes that have stalled through a lack of development finance.
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