The longer you have been a tenant, the bigger the discount you get on the market value of your home.
You qualify for a different discount depending on whether you're looking to buy a house or a flat.
House
If eligible, you qualify for a 35 per cent discount on a house if you've been a public sector tenant for three years. The discount remains at 35 per cent until you have had a public sector tenancy for five years.
After five years, the discount increases by one per cent for every extra year you've been a public sector tenant, up to the maximum of 70 per cent or the maximum discount cap (whichever lower).
Flat
If eligible, you qualify for a 50 per cent discount on a flat if you've been a public sector tenant for three years. The discount remains at 50 per cent until you have had a public sector tenancy for five years.
After five years, the discount increases by two per cent for every extra year you've been a public sector tenant, up to a maximum of 70 per cent or the maximum discount cap (whichever lower).