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Right to buy sales surge by 78%

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Right to buy sales surge by 78%

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

Right to buy sales surge by 78% Right to buy sales surge by 78%

The amount of homes owned by private registered social housing providers (PRPs) sold off under the various forms of the right to buy (RTB) scheme shot up by 78% over 2013/14, new statistics have revealed.

The Homes and Communities Agency's (HCA) latest Statistical Data Return (SDR) shows that a total of 4,835 PRP homes have been sold off since 2012/13 under RTB, preserved right to buy and right to acquire.

The HCA partly credits the surge in sales with the increased discounts offered by the government to tenants - currently standing at over £102,000 a unit in London.

The agency's latest data also shows that PRPs now own 2,666,053 homes - a 0.6% increase on the total for 2013.

And general needs units/bed-spaces have exceeded two million units for the first time, increasing 0.7% since 2013 to a total of 2,002,180.

Meanwhile, the amount of 'affordable rent' stock owned by PRPs has increased by 102% (from 39,594 units/bed-spaces in 2013 to 79,815 in 2014) - the growth being attributable to this being the main type of new social housing supply, the HCA says.

The data shows that the average net rent for general needs stock owned by PRPs with more than 1,000 units/bed-spaces is £92.30, representing an increase of 4.4% since 2013.

The HCA says the rise reflects "inflation-linked increases in target rents and convergence towards these target rents permissible as part of the current rent standard".

Jonathan Walters, the HCA’s deputy director of strategy and performance, said: “The SDR plays an important role in the HCA’s work as regulator, helping to identify the key issues for the sector and individual providers and to prioritise our regulatory engagement.

"The 2014 return shows that the sector has continued to grow, and sheds light on some important trends in a changing operating environment, including the growth of affordable rent, and an increase in RTB sales."

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