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Right to buy sales soar under coalition

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Right to buy sales soar under coalition

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Published by Max Salsbury for 24dash.com in Housing and also in Central Government

Housing association’s Homebuy scheme extended Housing association’s Homebuy scheme extended

The amount of council homes sold off by local authorities has quadrupled since the coalition government came to power, new figures have revealed.

Across 2011 to 2012, 2,638 social housing homes were sold off, but a government discount increase saw sales soar to 11,238 through 2013 to 2014.

Taken together with sales to housing association tenants, over 19,500 homes have been sold off since the launch of the reinvigorated right to buy.

The government says that revenues from right to buy sales are being used to build new 'affordable' homes to rent, and in the three months to March work started on 906 homes using the money.

Elsewhere, the new data shows that private housebuilding has increased by 34% since the launch of the government's help to buy scheme in April 2013.

Communities secretary Eric Pickles said: "In 2010 we inherited a situation where builders couldn’t build, buyers couldn’t buy and lenders wouldn’t lend.

"Today’s figures show we’re turning this around, with Help to Buy not only helping aspiring homeowners but also leading to a resurgence in house building.

"Thanks to this and the reinvigorated right to buy, we’re ensuring anyone who works hard and wants to get on the property ladder will be able to do so."

Housing Minister Kris Hopkins said: "The end of the unsustainable housing boom devastated our construction industry, leading to the loss of a quarter of a million construction jobs.

"It’s taking a massive government effort to get Britain building again and today’s figures show it’s working – in no small part thanks to the measures we’ve taken to help aspiring homeowners onto the property ladder.

"Since the launch of help to buy, private house building is up 34%. And thanks to the reinvigorated Right to Buy even more tenants are able to become homeowners, while council house building has hit a 23-year high."

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