ao link
Twitter
Facebook
Linked In
Twitter
Facebook
Linked In

You are viewing 1 of your 1 free articles

Right to Buy sales fall to lowest level in six years

Right to Buy sales of council housing stock have fallen to their lowest level since 2012/13, official figures have revealed. 

Linked InTwitterFacebookeCard
Sharelines

Councils sold 11,059 properties under Right to Buy in the year to March 2019, the lowest level since 2012/3 #ukhousing

The number of Right to Buy applications to councils fell 4% to 26,250 in the year to March 2019 #ukhousing

Right to Buy sales of housing associations properties up to March 2019 have fallen 11% on the previous year #ukhousing

Councils sold 11,059 properties under Right to Buy in the year to March 2019, according to Ministry of Housing, Communities and Local Government (MHCLG) figures. This is the lowest level since 2012/13, when 5,944 sales were registered.

Sales under the controversial policy hit a low during the financial crisis, but picked up in 2012 after the government changed purchase incentives, including increasing the cap on the Right to Buy discount to £75,000.

However, sales have never reached anywhere near their early and mid-1980 heights.


READ MORE

Housing associations react to Conservatives’ Right to Buy promise with scepticismHousing associations react to Conservatives’ Right to Buy promise with scepticism
Manchester City Council unveils plans to help associations buy back Right to Buy homesManchester City Council unveils plans to help associations buy back Right to Buy homes
Scottish government to launch first-time buyer loan scheme next weekScottish government to launch first-time buyer loan scheme next week
Shared ownership Right to Buy plan forces landlords to rethink strategic partnership bidsShared ownership Right to Buy plan forces landlords to rethink strategic partnership bids

MHCLG also revealed that the number of the Right to Buy applications to councils fell 4% to 26,250 in the year to March 2019, compared to the prior year.

Right to Buy sales of housing associations properties also fell, coming down 11% on the previous year at 3,776. This figure includes the preserved Right to Buy and Voluntary Right to Buy that involves housing association stock.

Voluntary Right to Buy for housing association tenants was introduced in 2016 as a small-scale pilot before being widened to the Midlands last year.

In total, 19,389 social homes were sold in the year to March 2019, a 12% fall on the previous year. Three-quarters of all sales were Right to Buy.

 

In its manifesto, the Conservative Party has vowed to extend the Right to Buy for housing association tenants to further regions. Last month, it also announced plans for a ‘shared ownership’ Right to Buy option for housing association tenants that would allow residents to buy up to 10% of their homes. However, the party’s manifesto failed to mention this policy.

Labour had planned to offer private tenants a Right to Buy rented properties at a discount. But the plan was subsequently dropped, amid reports that it would be unworkable.

Linked InTwitterFacebookeCard
Add New Comment
You must be logged in to comment.