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Morning Briefing: £6.4bn in Right to Buy resale profit

A BBC investigation into profits made under the Right to Buy scheme and the rest of the morning’s housing news

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In the news

People who bought their council homes through Right to Buy have made £6.4bn in resale profits since the year 2000, an investigation has found.

Figures obtained by the BBC showed that 140 people bought and sold their homes under Margaret Thatcher’s famous policy in one month, making a collective profit of £3m.

One tenant purchased their Solihull council home for £8,000 and sold it for £285,000 nine days later.

The BBC has produced an interactive map showing the profits made by buyers in different areas across Britain.


READ MORE

Councillor renting out 10 ex-authority homes in ‘Right to Buy to let’ capitalCouncillor renting out 10 ex-authority homes in ‘Right to Buy to let’ capital
How we will attempt to restrict high rents on Right to Buy re-letsHow we will attempt to restrict high rents on Right to Buy re-lets
LGA warns of social housing ‘fire sale’ as Right to Buy discounts hit £3.5bnLGA warns of social housing ‘fire sale’ as Right to Buy discounts hit £3.5bn
Revealed: the scale of ex-RTB home conversions to private rentRevealed: the scale of ex-RTB home conversions to private rent

Meanwhile, The Guardian runs a story from yesterday’s Spring Statement on the chancellor’s announcement that gas boilers will be replaced by low-carbon heating systems in all new homes from 2025.

The Plymouth Herald looks into the development of affordable rented housing in the city, describing the tenure as “anything but” affordable. It notes that the rent can be set at up to 80% of market rents, so will still be out of the reach of people on low incomes in many areas.

Southwark News reports on comments from the council’s new land chief about the need for land reform to make homes affordable in the pricey south London borough.

Politics Home carries a piece written by the Mineral Wool Insulation Manufacturers Association about the chancellor’s Spring Statement pledge of a Future Homes Standard.

The Guardian has an exclusive report on figures it has obtained from the NHS that show thousands of homeless patients have been discharged straight back to the streets. It says that some homeless patients left hospital without anywhere else to go while still recovering from major surgery and mental health crises.

Meanwhile, the BBC has a story about a young woman in Torbay with mental health problems who is at risk of homelessness. According to the story, the council told her she can cope just as well with sleeping rough as an “ordinary” person and assessed her as “not in priority need”.

On social media

The Torbay story generated much debate on Twitter:

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