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RIGHT-TO-BUY BOOSTS RETAIL SALES

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A huge rise in the number of council tenants taking advantage of the right to buy their homes at a discount will gi...
A huge rise in the number of council tenants taking advantage of the right to buy their homes at a discount will give retail sales an unexpected boost in coming months, according to The Business (p4).

Tenants are rushing to buy because the government has indicatedit plans to curtail the-right-buy policy. New estimates suggest the market value of housing stock sold this year could reach at least£4.2bn, compared with£2.8bn last year if prices and applications continue to grow at present rates. The discount to market value enjoyed by buyers could be worth a least£1.8bn - and giving buyers housing equity which could be used against cheap loans.

Councils across England are being deluged by RTB applications. Numbers are up by 200% in parts of London, by 39% in Manchester and by 76% in Leicester.

New research from the London Housing Unit reveals some financial institutions offer to pre-buy houses, effectively paying people in exchange for a promise that they will hand over their home, bought under right-to-buy, at a pre-specified price in three years' time.
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