Social housing tenants in London will have a greater opportunity to purchase their home after an extension to the Right to Buy scheme was announced.
Chancellor George Osborne revealed in his Budget speech today that longstanding tenants who live in social housing in the capital will now be eligible for a discount of up to £100,000 to help buy their home.
The existing scheme capped the discount at £75,000 which was considered too small to benefit many in the capital.
Osborne also revealed that the qualifying period would be decreased from five years to three years across the country under his new plans.
The announcement came alongside the launch of a new Help to Buy programme which will see the First Buy scheme extended to all buyers and a mortgage guarantee scheme introduced to all homes.
For the Budget speech in full click HERE.
