Fianna Fáil has announced plans to introduce a new Right to Buy scheme for over 125,000 families in Ireland.

The new Right to Buy local tenant purchase scheme will allow people living in local authority houses buy their homes at a discounted price. A 3% discount would be applied on the value of the home for every year of occupancy.

Environment Spokesperson Barry Cowen said: "The right to buy has been an important tool in extending home ownership opportunities to low income households.

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"The option to own a valuable long term asset has empowered thousands of families across the country. However, this government has continued to delay on this, denying thousands the opportunity of somewhere to call their own.

"Opening up a path to home ownership across society is at the very heart of Fianna Fáil policy. We strongly believe that home ownership is good for families and good for communities.

"Ireland cannot afford a divided society where home ownership is confined to a few while the rest struggle with unstable tenure and rent levels."

(CD/JP)