The leader of Wandsworth Council has welcomed the newly-announced extension to the Right to Buy scheme which raises the discount for London tenants buying their homes from £75,000 to £100,000.

Ravi Govindia said the local authority also supports the decision, which emerged in Wednesday’s Budget, to change legislation to reduce the time tenants have to wait before they are eligible for the scheme from five to three years.

Since the previous £75,000 discount took effect in April 2012, 50 properties hav been sold under the scheme – with money raised through sales being spent on new affordable homes.

Councillor Ravi Govindia, leader of Wandsworth Council, said: "Another significant increase in the discount is fantastic news for tenants struggling to afford to get on the property ladder due to the high price of homes in Wandsworth.

"Right to Buy is all about giving a helping hand to ordinary people who simply want to own their own home – and the latest changes to the scheme will make this ambition even more achievable."

The new £100,000 discount is being offered to Londoners in response to high property prices in the capital that are continuing to rise.