Pepper Money eyes a launch launch into Right to Buy
The government’s Right to Buy scheme could have more than 2 million potential customers in England and Wales, according to new research commissioned by specialist lender Pepper Money.
The scheme, which Pepper Money is looking to become involved with, allows most council tenants to buy their council home at a discount.
A survey of more than 6,000 adults, conducted by research firm YouGov, found that 11% currently rented their home from a local authority or housing association. Of these, 54% said they would consider buying the property in which they lived, using the Right to Buy scheme.
As there are around 34.8 million adults between the ages of 20 and 60 in England and Wales, the research estimated the number of potential customers for Right to Buy at more than 2 million.
The survey also found that demand to buy a home using Right to Buy was significantly higher among households with children, while younger adults between the ages of 18 and 34 would more likely consider using the Right to Buy scheme than older members of the population.
“Home ownership 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,” said Ryan Brailsford (pictured), director of business development at Pepper Money.
“At Pepper Money, 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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