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Wandsworth tenants wait for green light on Right to Part Buy proposals

by: Edward Murray
  • 21/11/2016
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Wandsworth tenants wait for green light on Right to Part Buy proposals
New Right to Part Buy proposals for council tenants in Wandsworth are due to go before the council’s executive committee next Monday and if approved, tenants will have a Right to Part Buy a share of their home with a substantial discount.

From next year, secure tenants unable to afford the full price of their council home would instead be able to purchase a proportion of it and pay a low rent on the rest.

The percentage being bought would reflect the proportion of the full £103,900 Right to Buy discount, so, for example, buying a 25% share would mean a discount of £25,975.

There would also be the opportunity of purchasing additional shares, known as ‘staircasing’, up to 100% of the property over time.
Under the proposals, the council would then reinvest the proceeds of Right to Part Buy sales into building new affordable homes. If residents wish to move on and to sell their share, the council would have first refusal on the property.

Councillor Paul Ellis (pictured), cabinet member for housing, said: “Wandsworth has always been one of the pioneers of home ownership policies, and as one of the first councils to introduce a Right to Part Buy, we aim to help many more people onto the housing ladder. This will also fund the construction of new affordable housing, which the Mayor of London, Sadiq Khan, has recently endorsed our achievements in.”

The Wandsworth scheme mirrors one that was set up in Barking & Dagenham over the summer. It is one of a number of home ownership policies pursued by the council including: house purchase grants for council tenants; local priority for shared ownership homes; and a dedicated home ownership service.

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