First launched in the 1980s, Right To Buy allowed families in state-owned housing to buy their homes.
Now tenants in "social housing" properties owned by private non-profit housing associations (around 1.3 million people in the U.K.) will be able to buy their own homes in the same way as council tenants.
More expensive properties would only be sold once the tenant vacates, and then housing associations would have three years to spend the money on building new homes. The most valuable homes would likely be in London.
On Tuesday, Home Secretary Theresa May said that Conservative housing initiatives had encouraged home building—a particularly hot topic in London where there is a shortage of a affordable housing.
"What we've seen over the last few years is actually the government putting in place a number of schemes that have encouraged house building," she told CNBC from the town of Swindon in South West England, where the prime minister will launch the Tory manifesto.
"We've seen the release of land, for example the government land that is no longer needed, to provide sites for housing taking place. And we've seen help for people to get their foot on the housing ladder, through schemes like the Help to Buy scheme, helping particularly first time buyers," she added.
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May said her party planned to regenerate brownfield land sites, which could lead to the building of 400,000 new homes over five years.
"So [we'll see] more homes, more people housed and more people owning their own home," she told CNBC.
The original Right to Buy policy was an important part of the Conservative Party's appeal to aspirational working-class voters, Tenants were able to buy their homes at a discount to market value.
It has also been credited with making the U.K.'s economy too reliant on the housing market, with more than half the country's wealth tied up in property.