Increase in Right to Buy sales
Published by Max Salsbury for 24dash.com in Housing and also in Central Government
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There has been an increase in the amount of people taking up the Government's Right to Buy scheme, new figures have shown.
Since its re-launch last April, 3,495 council homes have been sold under Right to Buy - a third more than in the previous year and the highest number of sales since 2007.
However, it was revealed in January that the Government had spent close to £1m on advertising the scheme.
The updated Right to Buy offers residents discounts of up to £75,000 off the value of their council home, treble the level of previous discounts in some areas.
Today's data shows that Right to Buy sales doubled from 1,041 between July and September 2012, to 2,010 between October and December.
Housing minister Mark Prisk said the scheme had “opened the door to homeownership” for thousands of tenants.
Seventy-two councils have seen increases in sales of more than half on last year, with some seeing even bigger increases in their areas. These include:
- Dacorum – 34 sales since April 2012, compared to 10 in the 2011/12 financial year (an increase of 240 percent)
- Welwyn Hatfield – 40 sales since April 2012, compared to 10 in the 2011/12 financial year (an increase of 300 percent)
- Wandsworth – 28 sales since April 2012, compared to two in the 2011/12 financial year (an increase of 1,300 percent)
The 3,495 sales have generated £210m in gross income which will be recycled back into new affordable homes for rent.
Mark Prisk said: “The reinvigorated Right to Buy has opened the door to home ownership for thousands of tenants across the country and I’m delighted to see so many taking up this opportunity.
“But from the 200,000 visitors on our website, to the councils that report to me the surge they’ve seen in applications, I know there are many more that want to follow in their footsteps."