Oxford City Council is going to purchase two flats for general needs social rent.
The two one-bedroom flats, which are at 33A and 33B Horspath Road, Cowley, will be acquired for a total of £540,000.
The purchase is part of the Retained Right to Buy Receipts programme for general needs social rent.
As of April 17, 2024, the cabinet made the decision to use Retained Right to Buy Receipts for the provision of additional affordable housing into the Housing Revenue Account.
Purchase of these houses allows Oxford City Council to respond to the immediate housing need.
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There are stipulations attached to the Right to Buy scheme.
To be eligible, you must have been a tenant for at least three years.
This includes tenancy with Oxford City Council, other councils, housing associations, or armed forces accommodation.
Some council properties are not eligible for Right to Buy.
These include specialist housing for elderly or disabled people, properties linked to your job and properties with non-secure tenancy, such as introductory tenancies.
When purchasing a flat or a maisonette, buyers are generally given a lease, usually for 125 years.
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In addition to paying for the mortgage, owners are also required to pay an annual service charge and contribute to the cost of major maintenance works.
While there are discounts available, the maximum is £16,000 and depends on factors such as total duration of tenancy with a public sector landlord, property type and home value.
The scheme was introduced in 1980 under Prime Minister Margaret Thatcher through the Housing Act 1980.
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