Right to Buy creates nearly 40,000 new homeowners

Housing Wed, Mar 23, 2016 10:38 AM

The reinvigorated Right to Buy has created nearly 40,000 new homeowners in the last 3 years, new figures show.

The figures also show that 3,644 new starts and acquisitions have been made since the Right to Buy was reinvigorated in 2012.

This means that the 3,054 additional homes sold in the first year of the scheme are already being replaced on a one-for-one basis nationally.

Housing Minister Brandon Lewis said: "For years, the discounts available under the Right to Buy were left to dwindle, denying thousands of people the opportunity to own their own home.

"This reinvigorated scheme has turned that around, and means nearly 40,000 people have been able to buy the home they love – many of whom might otherwise never have had the chance to become homeowners.

"On top of that, it’s getting homes built, with councils replacing the additional homes sold on a one-for-one basis.

Since the reinvigoration of the Right to Buy scheme, nearly £964 million in sales receipts are being re-invested into building new homes; levering a further £2.2 billion of investment over the next 3 years.

This means that in total, over £3.2 billion will be raised to invest in affordable house building as a result of the as a result of Right to Buy.

In the 3 months to June, 2,779 households bought their homes under Right to Buy.

Local authorities received approximately £223 million from Right to Buy sales, 5% higher than the £212 million in the same quarter of 2014 to 2015.