Newly-built social housing in England will be exempt from the Right to Buy policy for 35 years. Social tenants will need to reside in their properties longer to qualify for purchasing discounts. Housing Minister Matthew Pennycook stated that this approach is designed to ensure local authorities can maintain social housing stock and facilitate new developments. The maximum discounts for Right to Buy have been reduced significantly, and the government aims to address the depletion of council housing stock attributed to the policy's past implementations.
The government plans to exempt newly-built social housing in England from Right to Buy for 35 years, aiming to protect social housing stock and build new homes.
Housing Minister Matthew Pennycook states that the changes will help local authorities safeguard the much-needed social housing stock amidst rising demands for affordable housing.
The maximum discounts available to tenants have been slashed significantly, with new social homes facing a reduced discount of starting at 5% of a property's value.
The overarching goal of the new plans is to stabilize council housing stock, address the significant discount of properties sold, and ensure financial viability for local authorities.
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