Published: 23rd Mar 2021

Councils will have longer to spend the money generated by Right to Buy sales under new measures announced by the government. The new measures will come into force on 1 April and include giving local authorities five years, instead of the current three, to spend Right to Buy receipts. The government has also increased cap on the percentage cost of new homes councils can fund from Right to Buy receipts raised from 30% to 40% per home. And it will allow receipts to be used for shared ownership, First Homes, as well as affordable and social housing. Ministers will also introducing a cap on the use of Right to Buy receipts for acquisitions to help drive new supply, which will be introduced from 1 April 2022, on a phased basis. ‘I have listened to local authorities who responded to our consultation on the use of Right to Buy receipts and … (To read the full article, subscribe below)