Why was Margaret Thatcher's Housing Act of 1980 so important from Scotland's point of view?

gsenviro | Student

The Housing Act of 1980 gave tenants the right to buy their council homes at a steep discount. This act is actually known as the Tenants' Rights, Etc. (Scotland) Act of 1980. 

The act allowed the tenants of council homes steep discounts based on the duration of their tenancy. This was a golden opportunity for hundreds of thousands of people to own their homes, something they could never do without this act. To take advantage of the discounts, a person had to be a tenant for at least 3 years (later reduced to 2 years) and was eligible for a 33% discount, which was increased up to 50% for more than 20 years of tenancy (this was later increased to 70%). The tenants were also offered 100% mortgage to buy the property. 

The act thus allowed property ownership for a large number of people in Scotland (and other parts of the UK). This also provided capital to the municipalities (upon the sale of council homes) and helped them get rid of their debts. 

ktibi709 | Student

Thank you so much.