Last year, the government introduced a stamp duty holiday in an attempt to keep the property market moving through the lockdown. The changes meant that some homebuyers were able to to benefit from a £500,000 tax-free threshold, up from £125,000...
In the UK, London as a region has the overall highest house prices, meaning those living in the area may struggle to make the transition from renter to homeowner. However, the Right to Buy scheme means most secure tenants of council properties and some housing association properties have the legal right to purchase the property for a discounted price. Given the noticeably higher house prices in London, utilising the Right to Buy scheme is ideal for those wanting to be homeowners due to the discount.
Specific requirements can vary based on whereabouts in the UK you are based, but it is likely that you will be eligible to buy your council home if:
- It is your only home or main place of residence
- Your home is self-contained
- You are a secure tenant
- You have had a public sector landlord for three years – this can include a council, housing association or NHS trust, for example
- It is a joint application with someone who shares your tenancy
- It is a joint application with up to three family members who have lived with you for a minimum of one year
- Your home was owned by the council and sold to another landlord whilst you were living in it