The Right to Buy discount
The longer you are a council tenant, the more discount you can get off the market price of your home under the Right to Buy scheme. Discounts are also dependent on the type of property.
If you live in a house, you can get:
- a 35% discount if you’ve been a tenant for between 3 and 5 years
- after 5 years, an extra 1% discount for each year of tenancy up to a maximum of 70%.
If you live in a flat, you can get:
- a 50% discount if you’ve been a tenant for between 3 and 5 years
- after 5 years, an extra 2% discount for each year of tenancy up to a maximum of 70%.
Your discount cannot be greater than £16,000. If the Consumer Price Index increases so will the maximum discount, but if it does not increase the discount will stay the same.
If you sell your property within the first 5 years of ownership you may have to repay part or your entire discount.