Tenants in London can qualify for discounts of up to £102,700 off the value of their home. In other parts of the country the discount can be as high as £77,000.
The discount caps will now increase in line with the Consumer Price Index level of inflation. The maximum percentage discount on houses has also increased from 60% to 70%, which is the discount level for flats.
The Right to Buy scheme was updated in 2012 when the discount was £75,000. The following year it was raised to £100,000 in London.
Housing Minister Brandon Lewis said: “We have reinvigorated the Right to Buy, increasing the discounts available to open it up to more tenants. Since the changes came into effect we have helped more than 19,500 people to buy their own home, generating £420 million in receipts for new additional affordable housing.”
The government will use the money generated from sales to build new houses to provide more homes to rent.
Please contact Sarah Gratton or Jo Ayrton in our Warminster office on 01985 214444, or Sandra Smith in Westbury on 01373 865577 if you would like more information about the legal aspects of buying or selling a home.