The Housing (Right to Buy) (Limits on Discount) (England) Order 2024
On 30th October 2024, the UK government announced a new legislation, The Housing (Right to Buy) (Limits on Discount) (England) Order 2024. This order limits the maximum discount available under the Right to Buy scheme for certain types of social housing in England.
Background
The Right to Buy scheme was introduced in 1980 to provide tenants of council and housing association properties with the opportunity to buy their homes at a discounted price. The discount was originally set at a maximum of 50%, but was increased to 60% in 1985.
In recent years, concerns have been raised that the Right to Buy scheme has contributed to a decline in the supply of affordable housing in England. This is because social housing properties that are sold under the scheme are often not replaced by affordable housing.
The New Legislation
The Housing (Right to Buy) (Limits on Discount) (England) Order 2024 limits the maximum discount available under the Right to Buy scheme to 40% for certain types of social housing in England. These include:
- New social housing properties built on or after 1st January 2023
- Social housing properties that have been acquired by a local authority or housing association on or after 1st January 2023
- Social housing properties that have been substantially renovated or improved on or after 1st January 2023
Impact of the New Legislation
The new legislation is expected to reduce the number of social housing properties that are sold under the Right to Buy scheme. This will help to protect the supply of affordable housing in England.
The new legislation is also expected to make it more difficult for people to buy social housing properties. This is because the maximum discount available will be lower.
Conclusion
The Housing (Right to Buy) (Limits on Discount) (England) Order 2024 is a significant change to the Right to Buy scheme. It is expected to reduce the number of social housing properties that are sold under the scheme and make it more difficult for people to buy social housing properties.
The Housing (Right to Buy) (Limits on Discount) (England) Order 2024
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UK New Legislation a new article on 2024-10-30 14:27 titled “The Housing (Right to Buy) (Limits on Discount) (England) Order 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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