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Wandsworth introduce Right to Part Buy 24/11/2016

Council tenants in Wandsworth could soon have a Right to Part Buy a share of their home with a substantial discount, creating a new generation of homeowners.

 

From next year, secure tenants not able to afford the full price of their council home would instead be able to purchase a proportion of it and pay a low rent on the rest.

               

The percentage being bought would reflect the proportion of the full £103,900 Right to Buy discount, so for example buying a 25 per cent share would mean a discount of £25,975.

 

The minimum share is 25%, and there is also the opportunity of purchasing additional shares in 10% steps, known as 'staircasing', up to 100% of the property over time.

 

Under the proposals, the council would then reinvest the proceeds of Right to Part Buy sales into building new affordable homes.

 

If residents wish to move on and to sell their share, the council would have first refusal on the property. 

 

Cllr Paul Ellis, Cabinet Member for Housing, said:"Wandsworth has always been one of the pioneers of home ownership policies, and as one of the first councils to introduce a Right to Part Buy, we aim to help many more people onto the housing ladder. This will also fund the construction of new affordable housing, which the Mayor of London, Sadiq Khan, has recently endorsed our achievements in."

 

The average price of a council property of up to four bedrooms sold is £375,000. The council's Right to PartBuy policy is a response to high numbers of Right to Buy enquiries but decreasing sales due to ever-rising prices - 44 sales last year down from 128 in 2013/14.

 

The Right to Part Buy proposals were approved unanimously by the council's cross-party housing and regeneration overview and scrutiny committee on 15 November, and go before the executive on 28 November. If approved, the policy would be implemented from January, 2017.

 

It is one of several Wandsworth Council home ownership policies, such as house purchase grants for council tenants; local priority for shared ownership homes; and a dedicated home ownership service.

 

Read more about the scheme.

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