Update on Voluntary Right to Buy – Midlands Pilot
Stonewater owns around 8,200 homes in the Midlands and is part of the government’s Voluntary Right to Buy pilot currently running in the region. Stonewater is proud to be involved in the pilot helping many of our tenants to realise their home ownership dreams and also delivering much-needed new social and affordable housing.
We are committed to replacing all homes sold under the pilot on at least a one-for-one basis with social and affordable housing. This ensures we are able to help new tenants begin their social housing journey with Stonewater.
Here is an update on our progress in the pilot to date:
- 409 customers were successful in the ballot and 293 (71%) then applied under the Voluntary Right to Buy scheme
- Stonewater presently has over 75 customers who have accepted their formal offers and are proceeding with conveyancing. Eleven of these have already completed the purchase of their home, with more to come in subsequent weeks
- Stonewater currently estimates that over 170 customers will proceed to purchase their own home through the current applications
- Stonewater would welcome the opening of the ballot to help the 163 customers who were not successful in the initial allocation
- Stonewater is working closely with Homes England to inform the forecasting of the spend and ensure the government has the most accurate figures to work with when decided the next steps on the pilot.