Right to Buy sales slow
0A release from the Ministry of Housing, Communities and Local Government has provided the latest Right to Buy figures in England for July to September 2018, showing that sales have slowed down against a year ago.
In the three months to September (Q2) local authorities sold an estimated 2,417 dwellings, a decline of 22% over the same period in the 2017, and councils received around £205.3m from the sales, against £247.3m the previous year.
The average receipt per dwelling sold fell to £84,900 from £85,500.
Councils have in the past complained about having to sell off housing stock cheaply.
The maximum discounts were increased to £108,00 in London and £80,900 in the rest of England from £75,000 across England between 2012 and 2014.
In addition, councils were obliged within three years to provide an affordable dwelling to replace each Right to Buy dwelling sold above the projected number sales that would have taken place without the increase to the discount cap.
They are thus selling off some properties at a discount, only to have to replace them at full cost.
The slowdown in sales, with the number of dwellings sold being the lowest for the quarter lowest since 2013-14 will only provide limited relief however.
The number of sales is still around three times more than in the year before the reform of Right to Buy in April 2012.
