Changes announced in Labour’s October 2024 budget have led to a surge in instructions for Right to Buy valuations. At Lea Hough Chartered Surveyors, we’ve seen a significant increase in demand for these services.
Here we look at the changes, what you need to know about the Right to Buy scheme and the valuation process.
What’s Changing in the Right to Buy Scheme?
The Right to Buy scheme allows eligible tenants of council or housing association properties to purchase their homes at a discounted price. However, as part of the recent budget changes, the maximum discount available to tenants was significantly reduced. Starting 21st November 2024:
- The maximum discount in the North West will be capped at £26,000, a sharp reduction from the previous England-wide discount of £102,400.
- Discounts vary by region, meaning some areas will see greater reductions than others.
Importantly, any applications for Right to Buy received by social landlords before 21 November 2024 were still eligible for the current, higher discounts of up to £102,400. There was therefore a rush of applications.
The Role of a Right to Buy Valuation
Right to Buy valuations must be conducted by a RICS Registered Valuer to meet the scheme’s requirements. Each property is valued individually under the scheme, with valuations reflecting the current market value at the time of application. This ensures that tenants have an accurate understanding of their home’s worth and the resulting purchase price after the applicable discount.
How Lea Hough Can Help
At Lea Hough Chartered Surveyors, we are experienced in carrying out Right to Buy valuations. As RICS Registered Valuers, we provide professional, accurate valuations that meet the scheme’s requirements.
We are retained by some of the larger Housing Associations in the Northwest to provide Valuation advice.
If you’re an eligible tenant considering purchasing your home through the Right to Buy scheme, get in touch with us.