Under the re-launched Right to Buy scheme, those who have five years’ residency could receive a 35% discount, with an extra 1% for each added year up to a maximum of £75,000.
Tenants in flats will get 50% off after five years, with 2% added yearly.
The government said that 2m social homes have been bought by their occupants since the scheme’s initial introduction in 1980. But numbers tailed off to fewer than 4,000 sales last year.
Today, Cameron is expected to say: “I want many more people to achieve the dream of home ownership. In the 80s, right to buy helped millions of people living in council housing to achieve their aspiration of owning their own home.
“It gave something back to families who worked hard, paid their rent and played by the rules. It allowed them to do up their home, change their front door, improve their garden – without getting permission from the council. It gave people a sense of pride and ownership not just in their home, but in their street and neighbourhood, helping to build strong families and stable mixed communities.
“But, over time, the discounts were cut; they didn’t keep pace with rises in property prices and this vital rung on the property ladder was all but removed. This government is now putting it back by dramatically increasing the discount rates so that we support the dreams of those council tenants who to want to own the roof over their head.”
Earlier today, Housing Minister Grant Shapps revealed the government’s official Facebook Right to Buy page.
