Over 56,000 homeowners used the government’s Right to Buy scheme when purchasing their first home, according to the Department for Communities and Local Government (DCLG).
Figures show that over 3,350 households were bought under the scheme in the 3 months leading to June 2016 – a 21% increase from the same time in 2015.
There have also been 7,018 starts and acquisitions, delivering more than a one for one replacement on the 4,369 additional sales since the scheme re-launched in 2012.
- Some of the top places taking up Right to Buy included Birmingham, Leeds and Sheffield with sales at £1974, £1501 and £1098 from Q1 2012/13 to Q1 2016/17
- The maximum amount of cash discount available in England was £77,900 and £103,900 in London.
Research from Halifax shows that the national average age of first-time buyers has reached 30. In 2014, the Council of Mortgage Lenders estimated that 62% of first-time buyers in that year were only able to do so with assistance from relatives or by making use of government schemes.
Housing and planning minister Gavin Barwell, said:
“From London to Leeds, Right to Buy plays an important part in building a country that works for everyone, helping thousands of people become homeowners for the first time.”
Chris Gowland, mortgages director at Halifax, said:
“With the youngest average first time buyer age dropping to 27 in some areas, this is a stark reminder of how early aspiring homeowners should start thinking about what they will need to get onto the property ladder and what options they should consider in order to take their first step.”