There was some good news announced recently for those currently living in Council properties, as the Government have confirmed a new scheme will be introduced that will allow tenants to buy their homes for more than less than half the market value.
The new scheme which will come into effect on January 1st will actively allow some 130,000 council tenants currently on incomes of under €20,000 per year to purchase their home for 40% of the market price, meaning they will get a 60% discount off the overall value. Meanwhile those who currently €30,000 per year will get 50% off the house value, whilst those earning more than €30,000 will get a 40% discount.
The new scheme has been seen as welcome boost to those who currently rent council property as they have been unable to purchase their homes since a previous scheme was abolished three years ago. It is also believed local Councils will be allowed to issue low interest mortgages to their tenants in order to fund the purchase of the houses.