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Increase in properties purchased through Right to Buy

22 April, 2013

The number of council homes bought in London under right-to-buy has soared for the first time in a decade. In all, about 700 council homes were bought in the last year, more than double the previous year, figures reveal.

Sales are set to rise further after Chancellor George Osborne announced in last month’s Budget that tenants would be able to buy their homes after three years, rather than five, and with £100,000 discounts for Londoners.

Council figures show that 534 homes were sold in the nine months to last Christmas, meaning that 2012/13 is likely to have seen 712 sales, compared to 292 in the 2011/12 financial year.

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