Riverside to trial Voluntary Right to Buy for tenants
Monday 25 January 2016
Tenants of Riverside in the Merseyside
area will be among the first in the country to get the chance to
buy their own home as part of a pilot Voluntary Right to Buy
scheme. Tenants will
be able to apply for a place on the pilot from this week which
could help them buy their home, along with a discount of up to
£77,900, depending on the length of their tenancy.
The extension of the Right to Buy to housing association tenants
was announced by the Chancellor, George Osborne in his
Comprehensive Spending Review in November 2015. The pilot is being
launched ahead of a national rollout of the scheme, subject to the
approval of legislation which is currently going through
There will be a limited number of sales under the pilot which
will be allocated on a first come first served basis to tenants who
meet the criteria. Proceeds from the sale of homes will be
reinvested into new affordable housing.
Carol Matthews, Riverside's Group Chief Executive said: "We know
that many of our tenants aspire to own their own home and we want
to help them fulfil that ambition, whilst at the same time testing
out how the scheme will work ahead of it being rolled out
nationally. "The legislation that will allow this to happen
is currently going through parliament and Riverside is pleased to
be one of five housing associations chosen by the government to
take part in the pilot."
On Merseyside, the offer is open to Riverside tenants living in
any of six local authority areas; Liverpool, Sefton, Knowsley,
Wirral, Halton and St Helens. Successful applicants need to meet
specific criteria, including having been a tenant of a housing
association, council or similar public sector landlord for at least
10 years. Certain types of properties, including those which
legally cannot be sold, may be excluded.
Secretary of State for Communities and Local Government, Greg
Clarke said: "Anybody who works hard and aspires to own their
own home should have the opportunity to realise their dream. The
Right to Buy is central to that and has already helped more than
46,000 into homeownership since we reinvigorated the scheme in
2012. "Thanks to the historic voluntary agreement with the
sector, a further 1.3 million housing association tenants now have
the chance to open the door to their own home, starting with this
trailblazing pilot scheme."
Riverside tenants wishing to apply should visit
this webpage on the Riverside website where they will find
more information on the scheme and a link to the government's Right
to Buy portal where they can begin the process by registering their
interest. They will then receive an application pack and supporting
information from Riverside.
Those able to take part in the Riverside pilot will need to pay
an application fee of £250 and must be able to raise the necessary
finance to complete their purchase. It is expected that the
first sales though this scheme will complete in summer 2016.
Riverside is one of five housing associations around the country
taking part in the pilot.