£200m pilot launched to boost social home ownership

The launch of the Midlands Voluntary Right to Buy Pilot will enable thousands of social housing association tenants the opportunity to capitalise on home ownership.

Following measures announced in the recent social housing green paper, Communities Secretary James Brokenshire said this is the first step in helping housing association tenants get a foot on the property ladder, with the government set to provide £200 million for this Voluntary Right to Buy pilot, with places allocated via a ballot to ensure fairness for applicants.

Working closely with the National Housing Federation, the launch will also see money from the discounted sales will then be used to fund replacement homes.

Brokenshire said: “This government is committed to providing opportunities for people to get a foot on the property ladder and to have a place they can call their own. Our £200 million investment into the Midlands Voluntary Right to Buy Pilot is the first step in helping housing association tenants realise their dream of home ownership.”

David Orr, chief executive of the National Housing Federation, said: “Over the past three years, we have worked closely with the government on its proposal to extend the Right to Buy to housing association tenants. Of course, this pilot is not the finished product. We want to take the time to get this major endeavour right.

“It will be a success for everyone involved only if every home that is sold is replaced with a new affordable home, and if the application process is as smooth as possible for tenants. Now, we are looking forward to working with tenants, with housing associations and with the government to make this pilot a resounding success. This scheme must empower social housing tenants and meet our own ambitions to deliver the homes the country needs.”