Theresa May should channel Margaret Thatcher and let more council tenants own their own home, new report says
Council tenants get a 'right to buy' discount even when buying a property they don't currently live in, the Adam Smith Institute says
THERESA May was today urged to channel Margaret Thatcher by allowing poorer Brits to chance the own their own homes.
The PM should tweak the "right to buy" scheme so that council tenants are given a choice of properties to help them get on the housing ladder, according to a new report.
The Adam Smith Institute think-tank claims 200,000 more people would be able to become home-owners under the proposed new policy.
Thatcher's right to buy lets all tenants of council houses buy the home they live in, with a discount of up to £108,000.
But many tenants living in pricey areas such as Central London can't afford the price of their current home even with the discount.
The ASI report argues that council tenants should be able to use the discount to buy whatever home they like.
That would allow them to downsize or move to a different area to save money - currently banned under the existing rules.
Report author Rory Meakin said nearly 200,000 tenants who now can't afford to get on the housing ladder would benefit from a more flexible scheme.
He added that the proposed new rules would free up £83billion of homes owned by councils - allowing them to reduce waiting lists or cash in by selling their property on the open market.
Matt Kilcoyne of the ASI told The Sun: "This is Theresa May's chance to channel the spirit of Margaret Thatcher by rebooting Maggie's flagship housing policy, fit for the 21st century."
Mrs May has vowed to tackle the broken housing market by helping young and low-income Brits get a chance to own their own home.
Senior Tory MPs today backed the idea of a flexible right to buy.
John Redwood said: "This is an imaginative idea that deals with the reality that in some places homes are very expensive, presenting a barrier to the first time buyer.
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"Most of us want to know that when we come to retire we will own our own place and not have to face large rent bills when we are living on a pension."
Ex-minister John Penrose added: "Britain’s social housing sector has seized up.
"In too many parts of the country people are stuck - they daren’t move for a better job, and can’t afford to buy where they are."
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