Oxford City Council has approved the acquisition of two flats to be used for general needs social housing.

The properties, both one-bedroom units located at 33A and 33B Horspath Road in Cowley, will be bought for a combined total of £540,000.

The acquisition falls under the Retained Right to Buy Receipts initiative aimed at general needs social rent housing.

On April 17, 2024, the cabinet approved the use of Retained Right to Buy Receipts to increase affordable housing stock within the Housing Revenue Account.

This acquisition enables Oxford City Council to address pressing housing demand.

The Right to Buy scheme comes with certain conditions.

Prospective buyers must have held a tenancy for a minimum of three years.

This qualifying tenancy period can be with Oxford City Council, other local authorities, housing associations, or armed forces housing.

Certain council homes do not qualify for Right to Buy.

Excluded properties include specialized accommodation for elderly or disabled residents, dwellings tied to employment, and homes with non-secure tenancy status such as introductory tenancies.

When acquiring a flat or maisonette, purchasers typically receive a lease term of 125 years.

Beyond mortgage payments, owners are responsible for paying an annual service charge and contributing toward major repair and maintenance costs.

Discounts apply to this scheme, with the highest possible amount set at £16,000. The actual discount varies based on total time spent as a public sector tenant, the type of property, and the property’s market value.

This government program was launched in 1980 during Margaret Thatcher’s premiership through the Housing Act 1980.