The launch date for the national voluntary sales right program has not yet been set. The government confirmed that there would be a regional pilot experiment in voluntary sales rights. We are awaiting further details from the government on the location of the pilot project and eligibility criteria for tenants, and will update these details as soon as possible. For the latest government updates, log in to www.righttobuy.gov.uk. In the last parliamentary elections, the government committed to extending the right to sell to tenants of housing companies. Housing companies have offered to cooperate voluntarily with the government to make this a reality. Since then, we have been working together to agree on how this new offering will work in practice. For any updates or other information about the system, customers can sign up for government updates or contact the “Agent Right to Buy” service at righttobuy.gov.uk. Housing companies cooperate with the government to meet their obligation to extend the right to sell to their tenants. Since it is a voluntary agreement that is not regulated by law, it is called voluntary sales right (VRTB). The government has promised to advance this commitment in its election platform. You can sell your home at any time, but if you sell your home within the first five years, the owner has the right to claim a refund of all or part of the discount.
After five years, you can sell the property without refunding any of the discounts you receive. The amount you will pay back also depends on the value of your home if you sell it. The National Housing Federation (NHF) and the 2015 coalition government have reached an agreement to extend the right of sale to insured tenants of housing companies on a voluntary and non-legal basis (PDF 337 KB). The right to purchase was introduced in 1980 and gives eligible social housing tenants the right to buy their homes at a discount. Over the years, discount levels and eligibility criteria have changed. Fearing that the scheme has become prohibitive for many tenants, the government has introduced substantial changes to the right to sell since April 2012. The government has stated that real estate sold under the voluntary scheme will be replaced one by one; However, this raised questions about replacement funding, the date of replacement (there will always be a time lag) and where replacement deliveries will be built. In London, it will be necessary, in certain circumstances, to ensure the development of two affordable housing units for each dwelling sold. An important part of the housing companies` agreement with the government is that, because they will receive total compensation for each home they sell, they will replace each home sold with another affordable home and further stimulate the country`s housing supply.
In recent years, housing companies have provided 40% of all new housing in the country. With respect to voluntary sales rights and quality assets, we are looking at the next steps. I fully understand that, especially for the voluntary right to purchase, they want clarity from the point of view of those who want to buy houses. We are aware that we need to clarify this situation soon. To learn more about this voluntary system, click here. We will update this site as soon as more information becomes available.