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London accounts for 1 in 5 Right to Buy sales

Fri 17 Mar 2017

London is leading the way when it comes to Right to Buy sales of council housing, official figures have revealed.

According to the Department for Communities and Local Government (DCLG), the city accounted for 21 per cent of all sales under the programme between October and December 2016.

While this is lower than the 26 per cent recorded in the same period of the previous year, it still means interest in Right to Buy is strongest in the capital.

Figures from the DCLG also showed that an estimated 658 homes were sold by London councils under Right to Buy between October and December 2016.

This is 22 per cent lower than the 847 recorded a year earlier.

Data also indicated that across England as a whole, local authorities sold an estimated 3,115 dwellings under the programme during the quarter.

This is four per cent lower than the 3,250 sold in the corresponding period of the previous year.

Between October and December 2016, councils received about £258.3 million from Right to Buy sales, compared with £259 million a year earlier.

The average receipt per home sold throughout the quarter was £82,000, which is slightly up on the £80,000 recorded in October-December 2015.

DCLG data went on to show that since the Right to Buy policy was overhauled in April 2012, local authorities, the Homes and Communities Agency and the Greater London Authority have started work on 10,644 affordable units.

Some 794 dwellings were started on site or acquired in total between October and December last year - 47 per cent more than the number started or acquired in the same quarter of the previous year.

For further information on any of the points raised in this article please contact Andrew Murray in our Social Housing Team.

 

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