Home Group have announced its first successful Voluntary Right To Buy (VRTB) sale.
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 off 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.
Money from the discounted sales are said to be used to fund replacement homes, with Home Group pledging to work with local authorities toward a 2:1 replacement of homes.
This is said to not only help create new homes for tenants, but also support customers who aspire to get on to the property ladder.
Mark Henderson, CEO 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 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.”
He added: “We have been renting for over 12 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.”