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Social and Affordable Housing
20 November 2024
Type
Written Ministerial Statement
Department
Ministry of Housing, Communities and Local Government
TAGS
At a Glance
Issue Summary
The minister is announcing reforms to the Right to Buy scheme in England to protect social housing stock while maintaining home ownership opportunities.
Action Requested
The government proposes a consultation on broader reforms to the Right to Buy, including changes to capital receipts and discounts, and plans to bring forward legislation based on feedback. Additionally, the extension of the scheme to housing associations is ruled out, as are provisions for the sale of higher value assets under the Housing and Planning Act 2016.
Key Facts
- Over 124,000 council Right to Buy sales between April 2012 and March 2024.
- Fewer than 48,000 homes replaced in the same period.
- £183 million a year returned to HM Treasury from capital receipts of Right to Buy sales.
- New discounts range from £16,000 to £38,000 and come into effect on November 21.
- Cost floor period increased from 15 years to 30 years for newly built social homes.
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