Right To Buy: What Is It And How Does It Work?

David Cameron has announced a future Tory government would give 1.3 million housing association tenants the chance to buy their homes.

:: So what is Right to Buy?

The existing scheme allows council tenants to buy their home at a discount of up to 70% - a maximum of £102,700 in London and £77,000 across the rest of of the country.

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The Conservatives have made extending this to 1.3 million housing association tenants a centrepiece of their manifesto for the May election.

:: This all seems familiar?

It is indeed. The scheme was trailblazed by Margaret Thatcher on coming to power in 1979 with the Tories hailing it "the biggest step towards a home-owning democracy ever taken" in their 1983 manifesto.

And in extending the scheme to housing tenants, David Cameron is hoping to recapture that aspirational spirit in the face of criticism of the negative tone of the Tory campaign to date.

Unveiling the plan, the PM echoed the words of the Thatcher-era by talking of "building a property-owning democracy for generations".

:: So that's the background, how will it work?

It will be funded by requiring councils to sell off the most expensive properties when they become empty, and replacing them with more affordable social homes.

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Around 15,000 houses and flats are expected to become available in this way each year, but the Conservatives stress no one will be forced out of their home.

It has been claimed the sales would raise an estimated £4.5bn which could then be used to build between 80,000 to 170,000 new properties a year.

:: Do I hear a "but" coming here?

You do indeed. The move, unsurprisingly, is not without its critics and has been branded "deeply unfair" by housing associations.

The National Housing Federation warns it would mean using £5.8bn of taxpayers' cash to "gift" up to £100,000 to people already living in good secure homes, on some of the country's cheapest rents.

Meanwhile, the group argues it would do nothing to help the millions in private rented properties desperate to buy, or those forced to live at home with their parents because they cannot afford to rent or buy.

It points out the £5.8bn would be enough to finance 300,000 new shared ownership homes "open to everyone, not just the lucky few".

Political opponents have also waded in with Labour dismissing it as "yet another uncosted, unfunded and unbelievable announcement".

And the Tories' Lib Dem coalition partners claim the scheme would would result in longer waiting lists for homes and fewer social houses.