Three structural reforms to complement the Community Housing, Property Tax, and VAT on construction reforms in the P2030 programme:
- a Right to Sell
- compulsory purchase reform
- the end of Right to Buy
The result is a larger stock of truly affordable social housing with a lower acquisition cost.
The Right to Sell allows communities to buy housing from existing homeowners as an alternative to new build social housing. Councils set the price, and homeowners who sell get a secure tenancy. Outstanding mortgages and First Time Buyer deposits on the property that are not covered by the sale price can be converted into long bonds to protect First Time Buyer (FTB) applicants and mortgage finance companies.
Compulsory purchase is reformed to allow local and national governments to purchase land and property at its use-value, pre planning approval.
Right to Buy, which has been largely curtailed in England and Northern Ireland and abolished in Scotland and Wales, is abolished completely.