Right To Buy scheme needs more funds to re­place homes

Belfast Telegraph - Business Telegraph - - News - BY ALAN JONES

THE gov­ern­ment’s Right to Buy scheme in Eng­land is un­der threat un­less coun­cils are given more funds to re­place homes sold un­der the pro­gramme, a re­port warns.

The Lo­cal Gov­ern­ment As­so­ci­a­tion (LGA) said more than 60,000 houses have been sold un­der the scheme in the past six years, with aver­age prices at half the mar­ket rate, leav­ing lo­cal au­thor­i­ties with enough money to build or buy just 14,000 homes to re­place them.

Re­search for the LGA showed that two thirds of coun­cils in Eng­land will have no chance of re­plac­ing the same num­ber of homes sold off un­der Right to Buy in five years’ time with­out “sig­nif­i­cant” re­struc­tur­ing of the scheme.

Around 12,224 houses were sold un­der the scheme last year, but the study showed that by 2023, coun­cils would be able to re­place those homes with just 2,000 new builds.

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