In what is believed to be a first, Barking and Dagenham Council has launched its own ‘right to invest’ plan, to enable tenants to buy a stake in their home.
The East London council says its plan will help tenants get onto the housing ladder in the face of the capital’s ‘ridiculously expensive’ property market. It will allow tenants to but between 25 per cent and 70 per cent of their home, while paying the remaining share to the council in the form of rent.
The offering is an alternative to the government’s Right to Buy scheme, which has seen over two million council homes sold to the tenant since it was introduced in the early 1980s.
Darren Rodwell, Barking and Dagenham council leader, said: “London’s ridiculously expensive property market has meant the idea of home ownership for most ordinary people is just a pipedream.
“Barking and Dagenham has the lowest level of owner-occupation in London, so it is important that we help those on low incomes to get a foot on the housing ladder. This will also help create a stable community where no-one is left behind.”
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