Published: 21st Jan 2019

London councils are spending more than £22m each year renting back homes sold off under the Government’s controversial Right to Buy programme, according to a new report. The report by Labour’s London Assembly Housing spokesman, Tom Copley, claims at least 54,000 homes sold under Right to Buy in the capital are now being rented out privately. According to Mr Copley’s report, at least 2,333 Right to Buy homes are now being rented by local authorities, with the London borough of Newham alone renting back 808 of these at a cost of £12.9m million per year. The report estimates the total yearly cost to councils renting back these properties is at least £22,345,760. Westminster City Council is renting back 650 former council homes, but couldn’t provide a figure for the annual cost of this. Based on the average cost of renting back council homes across London this could be in excess … (To read the full article, subscribe below)