UK's Labour Party reduces Right to Buy discounts from 70% to 25% to boost affordable housing supply.
The UK's Labour Party is reducing the Right to Buy discounts for council property tenants from a maximum of 70% to 25%. This change, announced by Chancellor Rachel Reeves, aims to bolster affordable housing supply. The government will allocate £3.1 billion for the Affordable Homes Programme and £3 billion in guarantees to support homebuilding. Local authorities will retain full sales receipts to reinvest in social housing, while rents may increase by CPI plus 1% over five years.
October 30, 2024
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