When the Right to Buy was reinvigorated in 2012, the government promised to replace every additional home sold as a result of the changes. Local authorities have three years from the sale of each affordable home to replace the property.
In 2012 to 2013 there were 3,054 additional homes sold. By the end of 2014 to 2015 there were 3,337 new starts and acquisitions, meaning that authorities have delivered one-to-one replacements on additional homes sold.
The government claims that in total, over £2.8 billion will be raised to invest in affordable house building, and that council house building starts are now at a 23 year high with almost twice as many council homes being built in the last 4 years than from 1997 to 2009. Previously, councils were not encouraged to build new homes from sales receipts and only 1 new council home was built for every 170 Right to Buy sales completed.
Total sales through Right to Buy for 2014 to 2015 were 12,304 compared to 11,261 in 2013 to 2014.
Tenants can benefit from a discount of up to £77,900 outside of London and £103,900 in the capital – they need to have been in council housing for 3 years before being eligible for the scheme.
Housing Minister Brandon Lewis said:
"We want to help anyone who works hard and aspires to own their own home to turn their dream into a reality.
"Right to Buy is central to that vision and has already created more than 36,000 homeowners, helping generate over £2.8 billion for more affordable homes. And we are making good on our promise to replace council homes with those sold in the first year of the reinvigorated scheme now being replaced.
"It really is the benchmark of how a ‘one nation government’ can help hard-working people realise their ambitions and that is why we want to extend it to housing association tenants, so that they too have the chance to own their own home."
