The Government want to widen access to home ownership and help more people, including social tenants, build up assets.
Most registered social landlord (RSL) tenants have right to acquire or preserved right to buy. However, approximately 30 per cent. of RSL tenants do not have any right to purchase.
Social HomeBuy was introduced as a voluntary pilot scheme in April 2006 to provide new opportunities for social tenants who do not have right to buy or right to acquire or cannot afford outright purchase, to buy a share of their rented home. 77 RSLs and nine local authorities are currently offering the pilot scheme to their tenants.
The Government announced in December 2007 that Social HomeBuy will continue as a voluntary scheme to increase opportunities for social housing tenants to access home ownership, when the pilot period ends in March.