To assist local authority tenants purchase their homes, a discount of 3% of the market value of the house is allowed for each year of tenancy, up to a maximum of 30%. In addition to this, a further discount of €3,809 is provided. Thus, a local authority house with a market value of €140,000 would be available for purchase at some €94,200 by a tenant of ten or more years' standing. By any account, this is a generous discount.
The proceeds of the sale of local authority houses to tenants are used to part-fund improvements to, and planned maintenance programmes in, the local authority housing stock. I consider that the terms of the present tenant purchase scheme strike a reasonable balance between the aspirations of certain tenants to own their own homes and the needs of all other local authority tenants. While I have no proposals to amend the financial terms of the current scheme, I will continue to keep them under review.