In a world where equality seems to be one of the buzz words, there is a subject that needs addressing.
Under Right to Buy, If you are a tenant of a council property, after three years you can buy your property with a massive discount.
According to the Gov.UK website, for flats, you will be given a 50% discount off its market value price. After 5 years, the discount goes up by 2% for every extra year you've been a public sector tenant, up to a maximum of 70% or £84,200.
For houses, you get a 35% discount and after 5 years, the discount goes up by 1% for every subsequent year of renting, up to the same maximums.
If you want to buy privately and use the Help to Buy Govt scheme. The stipulation is you can only buy a new build property, not second hand homes and the Govt will lend, yes lend, you 20%.
How is this fair and equal?
The council housing stock are assets of ours, the collective population. Why are we effectively giving our money away?
Why does one type of buyer, get given such a massive discount and the other not.
Either get rid of giving away money off the value of council housing when it is sold to a tenant, or legislate that new builds, once proper value is established, is discounted by
35% too, especially the Built to rent properties when those tenants have been resident for 3 yrs.
How about we assist more people to become homeowners, equally.
Gordon White
Portslade
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