There are more than two million potential customers for Right to Buy in England and Wales, according to new research commissioned by Pepper Money.
The specialist mortgage lender partnered with YouGov to conduct a survey of more than 6,000 adults in England and Wales. It found that 11% currently rent their home from a local authority or housing association. Of these, 54% say they would consider buying the property in which they live in, using the Right to Buy scheme.
Given that the latest Census data says there are just under 34.8 million adults between the ages of 20 and 60 in England and Wales, this means the number of potential customers for Right to Buy is more than two million, Pepper Money said.
The research also found that demand to buy a home using Right to Buy is significantly higher amongst households with children, whilst more younger adults (age 18-34) would consider using the Right to Buy scheme than older members of the population.
Ryan Brailsford, director of business development at Pepper Money, said: “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.
“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.”
