There are currently more than two million potential customers for Right to Buy in England and Wales, new research commissioned by Pepper Money has indicated.
The specialist mortgage lender’s findings found that 11% of respondents to its study currently rent their home from a local authority or housing association.
Of these, 54% also said they would consider buying the property in which they live in, using the Right to Buy scheme.
Given that the latest Census data showed there are approximately 34.8 million adults between the ages of 20 and 60 in England and Wales, this suggests the number of potential customers for Right to Buy exceeds two million.
Pepper Money’s research, which was based on a survey of more than 6,000 adults across England and Wales, also found that demand to buy a home using Right to Buy is significantly higher among households with children. More younger adults, those aged between 18 and 34, would also consider using the Right to Buy scheme than older members of the population.
Director of business development at Pepper Money, Ryan Brailsford, commented: “Homeownership remains an aspiration for many people living in rented accommodation, and Right to Buy provides an affordable opportunity to step onto the ladder for those who currently rent their home from a local authority or housing association.
“We are committed to helping hopeful homeowners and our affordable home ownership proposition supports several schemes to promote greater financial inclusion to a more diverse range of customers.
“Our research shows the huge opportunity there is to help people in this space and we look forward to launching into Right to Buy very soon to provide options for those customers whose circumstances mean they are not properly served by the high street because of the way in which they earn their income or their credit history.”
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