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The Right to Buy scheme is a policy in the United Kingdom, with the exception of Scotland since 1 August 2016 and Wales from 26 January 2019, which gives secure tenants of councils and some housing associations the legal right to buy, at a large discount, the council house they are living in. [1] [2] [3] There is also a Right to Acquire for assured tenants of housing association dwellings ...
The term is commonly used in the UK. [1] It is an example of a vacancy chain . Each member of the chain is a house sale, which depends both upon the buyers receiving the money from selling their houses and on the sellers successfully buying the houses that they intend to move into.
In England and Wales, 214,000 multi-unit council buildings were built by 1939; making the Ministry of Health largely a ministry of housing. [34] Council housing accounted for 10% of the housing stock in the UK by 1938, peaking at 32% in 1980, and dropping to 18% by 1996, where it held steady for the next two decades. [35] [36] [37] [38]
A first-time buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain. [2]In the US, Canada, [3] and Australia, [4] the average age of first-time buyers is usually around their mid-30s, [5] [6] while in the UK it's between 25 and 34 years old.
The Housing Act 1980 (c. 51) was an act of Parliament passed by the Parliament of the United Kingdom that gave five million council house tenants in England and Wales the Right to Buy their house from their local authority. The Act came into force on 3 October 1980 and is seen as a defining policy of Thatcherism.
The term 'property chain' is common in real estate, especially in the UK.The chain is the line of people buying and selling. For example, there might be a first-time buyer trying to purchase a small flat, another person waiting to move from the flat to a small house, another person waiting to move from the small house to a larger house, and so on.
Aware of its upward effect upon house prices, George Osborne handed oversight of Help to Buy to Governor of the Bank of England Mark Carney. [12] Carney pledged to bring the scheme to an end if the Bank deemed it to be destabilising the housing market, [13] though it was later confirmed by Carney that the UK's central bank had not, in fact, been granted a veto by the chancellor. [14]
Since abolition of fair rent regulation by the Housing Act 1980, UK house prices periodically surged, taking an unaffordably high share of people's income. Real estate investment trusts, which get tax breaks for buying up residential property, [158] fuel the surge. However, of more contemporary social significance is the lease.
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