As rented housing stocks fall, hundreds of ex-council tenants are now property millionaires!
With the private rented housing market contracting at an alarming rate and the stock of social housing not being replenished fast enough to meet current needs, the housing crisis shows no signs of improving in the foreseeable future.
The decision back in 1980 to introduce the right to buy scheme, which allowed tenants to buy their council houses, has paid a large part in depleting the stock of social housing. However, one of the unintended effects of the scheme was to create property millionaires out of some of those previous council house tenants.
At KIS Finance we have looked into the story behind the gradual selling off of social housing stock and how for some, the decision to buy has turned them into property millionaires.