Tenants who are in receipt of housing benefit may exercise the right to buy if they meet the qualifying criteria—i.e. that they hold secure tenancies and have been public sector tenants for at least five years. However, their ability to do so would depend on the willingness of lenders to offer them mortgage finance, or the availability of financial assistance from family or friends.
In 1996-97 the average value of a council property sold through the right to buy scheme in England was £41,000; after the discount was applied this represented an average cost to the purchaser of £21,000.
In 2005-06 the average value of a council property sold through the right to buy scheme in England was £84,000; after the discount was applied this represented an average cost to the purchaser of £58,000.
The average capital receipt to the public finances from the sale of a council property through the right to buy scheme in England in 2005-06 was £58,000.
Between 1 October 1980 and 31 March 2006, 1,735,000 council properties have been sold through the right to buy scheme in England.