The Right to Buy-back scheme

There are areas all over London that are excellent for investors. This includes Central Boroughs with lots of amenities and prestigious post codes. Then there are popular options in Outer Boroughs, especially for people who are looking for more space and greenery. If you are trying to decide on a location, we can help. Finefair Ltd offers services across the city. We have become one of the best advisors about property investment Hounslow has. So, rely on us if you need tips and professional services to manage and let properties.

Right to Buy-back

Property investment HounslowIn July 2021 the Mayor of London revealed a new scheme that could help Borough Councils to acquire more social housing. The Right to Buy-back provides funds so that local authorities can purchase ex-council homes that are now on the private market. The goal is to bring more homes back under council control.

In the past councils across London had millions of homes they could use for social housing. However, in the 80s the Right to Buy scheme gave tenants the chance to purchase the properties. Since then hundreds of thousands of homes have been sold. Around 40% of them are now on the private rental market.

The Mayor of London would like to reverse this and help more councils to regain the properties. Several have already got funding to do it, including Camden and Islington.

Hounslow’s plans

In December 2021 Hounslow Council also got funds to join the scheme. They plan to purchase 555 homes to bring them back under the Council’s control. In total the borough will get £38.7m for the project. This makes it the largest allocation so far in the Right to Buy-back scheme.

There are some really interesting plans for the properties. Many of them will go towards providing homes at social rent levels so more people can access clean, safe homes. Others will be available specifically to tackle homelessness.

A specific part of the aim to help homeless people will be providing 25 homes for care leavers. These young people can struggle to get housing when they leave care at 18. In the UK as a whole, a third of care leavers become homeless in the first two years of being on their own. Providing more homes specifically for them will be a great help.

Another portion of the homes will be allocated to refugee families from Afghanistan. The Council is working hard to provide housing so they can join local communities across Hounslow.

Ask us about property investment in Hounslow

At Finefair Ltd we appreciate projects like the Right to Buy-back scheme. Local councils have a responsibility to provide social housing and to look after vulnerable people in the communities. It is great to see them being more proactive here. Plans like this can also be useful for investors who want to sell assets quickly.

Our goal is to help every investor to find the perfect solution for their properties. We can accomplish this in many ways, including providing leasing and guaranteed rent. You can even choose an entirely hands off service if you wish.

So, if you want help with property investment, Hounslow has nobody better to support you. Contact us today for advice, recommendations, and more.