In the year 2021 to 2022, the Right to Buy scheme saw over 27,459 applications, according the the latest Government data.
Of these applications, approximately 10,978 went on to become sales.
These figures mark a substantial growth in popularity for the scheme, which saw 24,385 applications and 6,913 sales the year prior.
Vikki Jefferies, proposition director at PRIMIS, said: “At a time when many households’ finances are being stretched to their limits, it is important that the Government works with the mortgage industry to support customers with a range of solutions to help address affordability issues.
“Right to Buy is an essential offering which helps council house renters to take their first step on to the housing ladder at a discount to the property’s market rate.
“Therefore, it is pleasing to see that there were almost 11,000 sales under the Right to Buy scheme in the last year.
“This number is particularly impressive given the ongoing impact of the cost-of-living crisis and rising interest rates on consumers.”
She concluded: “The success of schemes like this highlights the importance of public and private sector collaboration to help every borrower achieve their home owning ambitions.
“Particularly in the aftermath of Help to Buy, more initiatives like this should be a priority.”
