Published: 11th Jun 2018

Councils’ ability to replace homes sold under Right to Buy will be all but eliminated within five years unless there is major reform of the scheme, analysis from the Local Government Association has revealed.   The study says the current Right to Buy system only allows councils to keep a third of each Right to Buy receipt to build a replacement home and prevents local authorities from borrowing to make up the shortfall. It also says that two-thirds of councils will have no chance of replacing homes sold off under Right to Buy on a one-for-one basis in five years’ time unless a significant restructuring of the scheme takes place. Around 12,224 homes were sold under RTB last year and the analysis estimates that in 2023 councils would only be able to replace approximately 2,000 of these homes. Cllr Martin Tett, LGA Housing spokesman, said: ‘We know that the Right … (To read the full article, subscribe below)