Home Group seals first VRTB

March 29th, 2019 in Home Group News

VRTB

First voluntary right to buy sale for Home Group.

One of the UK’s largest housing associations has completed its first Voluntary Right to Buy sale.

Home Group handed over the keys today (March, 29) to the first customers to be successful under the Government scheme.

The £200m pilot, which offers eligible customers the opportunity to purchase their home at Right to Buy level discounts, is taking place in the Midlands.

The project comes on the back of measures announced in the Government’s Social Housing Green Paper last year aimed at making it easier for people to progress into home ownership.

The Government has been working in partnership with providers to deliver the pilot.

Money from the discounted sales will be used to fund replacement homes. Home Group, for example, has pledged to work with local authorities towards a 2:1 replacement of homes, which is not only helping to create new homes for tenants, but also supporting customers who aspire to get on to the property ladder.

Mark Henderson, Chief Executive of Home Group, said: “We know our customers have a range of aspirations, and our role is to support them whatever they may be.

“A large proportion of our customers have repeatedly told us they would like to own their home. We have always felt the Voluntary Right to Buy (VRtB) scheme was a good way for them to do that, and we were really pleased to take part in the pilot.

“I am even more pleased to see our first VRTB customers, Mr and Mrs Kuku, take ownership of their own home today.”

Mr Kuku, who lives in Northampton, said: “This is an absolutely fantastic scheme. It has allowed us to do something we never thought possible – to own our own home.

“The whole process has been relatively easy and we are so grateful to Home Group and the Government for allowing us to take part in the project.

“We have been renting for over twelve years, and while we have enjoyed our experience it is not the same as owning your own place. We love where we live and we’re thrilled that this scheme came about.”

Because of restricted resource allocation the government has only been able to fund a limited number of places through the pilot. Places on the pilot were allocated by a ballot, which has now closed.