Tenants promised right to buy if landlords sell – Daily Business

The SNP is promising new renters’ rights (pic: DB Media Services)

SNP leader John Swinney will today set out a package of help to support people into home ownership – including measures to give renters new rights to buy the home they live in.

Campaigning in Inverness, the First Minister will announce that the SNP Government will introduce new legislation to give private renters a period of first refusal to purchase the property they rent at a fair market price if the owner chooses to sell.

The SNP Government will also provide up to £10,000 in help towards a deposit for first time buyers – recognising that many young people are paying more in rent than they would on a mortgage.

The First Minister said: “Too many young people are being locked out of home ownership as a result of the cost of living crisis.  

“So many people are stuck paying more on rent than they would on a mortgage – and with costs just going up and up, there is nothing left over at the end of the month to save for a deposit.

“And that is made all the more difficult when private renters find themselves having to leave their home because the owner has decided to sell up.  As well as forcing people to upend their whole lives, it also has serious financial implications. 

“That is why I will give renters the right to first refusal on the home they live in – at a fair market rate – if the owner of the property decides to sell.  This will help people to put down roots and to feel secure in their own home – without the risk of being turfed out against their will.”

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