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What is council house purchase?
The government introduced the Right to Buy in 1980. The scheme allows people who have lived in their council property for over two years to buy it at a reduced price. Council house purchase has since become a very popular option for over a million people, enabling low-income families and single people to own property.
What council property options do you have?
While the Right to Buy is the largest scheme of its kind, there are other options and different benefits depending on where you live. Another initiative is the House Purchase Grant. This is a scheme to help council tenants purchase houses in the private sector through a grant. If you live in Scotland, the Homestake scheme offers a similar arrangement to the Right to Buy, but works on a principle of shared ownership. You can buy back the lender’s share of the property when you can afford it.
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