London’s Right to Buy-back scheme sees 1,500 homes returned to councils
More than 1,500 homes have returned to council ownership through London’s Right to Buy-back scheme, according to the mayor’s office.
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Since Sadiq Khan (pictured) launched the scheme in July last year, 14 boroughs have been allocated £152m to purchase 1,577 private market homes.
Of these, 908 have been let at social rent levels, with the rest let as accommodation for homeless households, the mayor’s office said.
Mr Khan has also made £1m in revenue funding available to boost uptake of this programme through his Right to Buy-back revenue fund and a further £4m fund to help boroughs unlock land for council homes.
He said he will soon formally publish allocations for this revenue programme, but confirmed that eight London boroughs have successfully secured funding.
These boroughs will receive grants to help hire new staff, boost in-house skills and staff capacity for purchasing the homes.
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The Right to Buy, which was part of the Housing Act 1980, gave council tenants who had lived in their house for more than three years the chance to buy their property at a price below the market rate. Since it was introduced, more than 300,000 London council homes have been sold.
Over the past decade, around 23,000 homes have been sold in the capital through the Right to Buy and about 14,000 replacement council homes were funded with the receipts, according to the mayor’s office.
Mr Khan said: “For more than 40 years, London’s precious council homes have been disappearing into the private sector, often never to be replaced. As mayor, I have maintained a relentless focus on stemming the tide and replenishing London’s social housing stock.
“I am proud that, thanks to my interventions, we have brought council housebuilding back up to levels not seen since the 1970s and I’m hugely encouraged by the enthusiasm I see from boroughs across London for building new council homes and using my Right to Buy-back scheme to return homes to public ownership.
“These homes were built for the public good and it has been painful to watch them disappear into private portfolios. Returning these homes to public ownership is a key part of my plan to build a better London for everyone – a city that is greener, fairer and more prosperous for all.”
The mayor is aiming to start 10,000 more City Hall-funded council homes by 2024 to reach a target of 20,000.
Before he was forced to announce his resignation in June, prime minister Boris Johnson unveiled plans to extend the Right to Buy to housing association tenants. The sector blasted the proposals.
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