The Prime Minister is considering bringing in a rental scheme to help young people struggling to get on the property ladder in England. Boris Johnson is reportedly in talks to reintroduce a scheme once proposed by David Cameron that would give renters the right to buy homes they rent from housing associations.
Right to Buy is a scheme which appeared in David Cameron’s 2015 Conservative manifesto that is intended to give the 2.5 million households in England who rent properties from housing associations the power to purchase their homes at a discounted price. The Prime Minister has reportedly told officials to revive the previously mooted plans in the last fortnight to help give young people a better chance of buying their first home, the Telegraph reported.
READ MORE:
Although Cameron's initial plan failed to materialise, Boris has supposedly committed to consider new pilots for the scheme ahead of the 2019 general election. His bid to revive the plans were pitched as being inspired by Margaret Thatcher giving council tenants the right to buy in 1980.
But this news came as the Tory campaign for Thursday’s local elections were hit by a fresh scandal on top of partygate. Conservative Neil Parish said he would resign as the MP for Tiverton and Honiton after admitting twice watching pornography in the Commons.
On Sunday, Business Secretary Kwasi Kwarteng insisted Mr Johnson would “absolutely” remain leader no matter how badly the Tories fared in the council elections. Pressure was also on Sir Keir Starmer to lead Labour to significant gains when polls in 200 local authorities across Britain open on Thursday.
Details of the latest proposals were thin, with questions remaining about how housing associations would be compensated and how their stock would be replenished. The Telegraph suggested a connected idea being considered is for Government spending on housing benefit to be used to help recipients get mortgages.
Sign up to our free weekly property newsletter by clicking here
