Extend or abolish the The to Buy Scheme

We, a group of citizens aiming to be first-time homeowners, find ourselves deprived of the opportunity due to the governmental changes to the Right to Buy Discount rules. The Labour government manifesto has always emphasized their dedication to assist people in stepping onto the property ladder. They even pledged assistance for those challenged by the hurdle of saving for a significant deposit. However, the amendments made recently to the Right to Buy Discount rules starkly deviate from these key promises.

Statistics from the UK Housing Review 2021 indicate that despite being in place for over 30 years, Right to Buy has helped only a small proportion (just about 2%) of renters become homeowners. The current fast-approaching deadline for the Right to Buy Discount rules puts greater pressure on people who, in this economic climate, are already struggling to save for deposits on their first homes.

We urge the government to revisit the matter with urgency. The particulars of the Right to Buy Discount rules need significant refinement, which should ideally include extending or even abolishing the deadline altogether. This would continue to allow an avenue for people to step onto the property ladder, hence living up to the Labour government's manifesto promise.

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