Rics criticises Right to Buy scheme

The Royal Institution of Chartered Surveyors (Rics) has criticised the Right to Buy scheme that allows council tenants to purchase their rental home at a discount, saying it is reducing the number of affordable rental properties.

The criticism of the scheme came as part of a report that looks at the government approach to housing over the years, and criticises it for 'short termism'. Rics has called for a long-term strategy to housing to deliver more new properties on public owned land, and suggests the creation of an independent committee to advise the government.

The report from Rics also criticised the Right to Buy scheme for reducing the number of affordable rental homes. The Right to Buy scheme is very popular in Northern Ireland and the rest of the UK, as it allows council tenants to purchase their rental home at a discount determined by the number of years they have been a tenant. The discount is repayable if the property is sold on within a set number of years. For many people in Northern Ireland, the Right to Buy scheme is their only opportunity to get on to the property ladder in their lifetime, and any removal or alteration to the scheme would affect hundreds of would-be purchasers throughout the country.

If you require a property solicitor to handle the conveyancing process for you to purchase a house under the Right to Buy scheme, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

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