Council to offer £50,000 deposits for Right to Buy

 Council to offer £50,000 deposits for Right to Buy

A London council wants to reform Margaret Thatcher's "right to buy scheme" by giving tenants 50.000 pounds to buy their own homes in London. This way more people can buy their council homes. Mark Tomas, Wandsworth's Labour housing spokesman said he welcomes all initiatives but they should not lead to long term reduction in council.  Developers already have two million pounds secured for this project, but a London council spokesman said that it would only help about 1000 people, and that it's: "Just a drop in the ocean"

http://www.thisislondon.co.uk/standard/article-23962577-council-to-offer-pound-50000-deposits-for-right-to-buy.do

Own homes


I Think it's a good initiative since it's great to have your own home. You can save much more, and really built something for your family if it's your own. I hope more money will become available for first time buyers, so I will soon own a nice little house in the amazing city of London. I do think the plan needs to be revised and executed with great precaution, because I wouldn't want to see these new house owners end up with great depths that only worsen their position in the market.