The number of properties acquired by councils or under construction aided by funds from homes sold through the right-to-buy has almost doubled in a year, new government figures show.
At the same time, the number of homes sold through the right-to-buy each year continued its steady increase.
LGC analysis (see table below) of the Department for Communities & Local Government statistics, released today, shows London boroughs have seen the biggest average increase in the number of properties sold through the right-to-buy since the reinvigorated right-to-buy was introduced in April 2012.
|Council type||2011-12||2016-17||Percentage change|
The number of homes sold overall through the right-to-buy last year was 12,826 – up from 12,246 the previous year. In 2016-17 there were 4,286 starts and acquisitions delivered by local authorities compared to 2,388 the previous year.
Under the Treasury’s right-to-buy additions policy councils must replace homes sold under right-to-buy above the Treasury’s estimated number of sales in each area on a one-for-one basis.
Local authorities received a combined £1.09bn from right-to-buy sales last year, up from £985m in 2015-16. The average receipt per dwelling sold was approximately £85,000, compared to about £80,000 in 2015-16.
The number of dwellings owned by local authorities, as at 1 April 2016, is around 1.61 million.