21st December 2018

400,000 First Time Buyers Helped by Government Scheme

When announcements were made that the Government would be reintroducing the Thatcher policy of ‘right to buy’ many people were shocked, and eyebrows were raised.

When announcements were made that the Government would be reintroducing the Thatcher policy of ‘right to buy’ many people were shocked, and eyebrows were raised.

Right to buy allows council tenants to buy their home from the council in order to give them the security of owning their own property. Many people who were stuck in a lifetime of rented accommodation due to property prices or the comfort of living in a certain area can take advantage of Government ISAs and the opportunity to buy.

According to official statistics over 400,000 people have stepped onto the property market by being allowed to buy their first home which they would’ve otherwise been renting, whilst 1.2million people have opened a Right to Buy ISA.

Critics have slammed the policy stating that it is allowing private investors to buy social housing and rent them back to previous council tenants at a higher tenancy. But those in defence of the policy have praised the success in allowing more and more people to own their own home, something which years ago was a dream can now be turned into a reality.

YOU MAY ALSO LIKE THESE POSTS

Buy to Let Mortgage Costs Continue to Fall

A Brief Look at House Prices Before and Beyond Brexit

Investing in Commercial Property May Be Easier Than You Think

Brexit Property Surge