The number of Right to Buy (RTB) replacement homes started by councils fell by more than half in the first quarter of this financial year, government figures out today show.
Accoridng to Inside Housing:
“Councils sold 2,779 homes between April and June – dipping 16% from the 3,321 sold in the previous quarter and a 2% drop on the same period in 2014.
They started a combined 307 replacements for these homes, a 56% drop on the 710 started in the previous quarter and 61 fewer than the equivalent period last year.
It means councils have sold a total of 32,288 homes since discounts available to tenants were raised in April 2012, with 3,644 replacements started with the sales receipts.
The government pledged to ensure all additional homes sold as a result of the increased discounts would be replaced “one-for-one”. Its published figures do not specify how many of the sales it regards as additional.
The 2,779 sales raised a total of £223.2m between April and June, meaning almost £2.3bn has been raised from the sale of council homes since 2012.
This money is distributed between the Treasury, council general funds and debt repayment, with the remainder used to fund replacement housing.”