Right to Buy scheme costs outweigh benefits, says CIH
0Housing experts have called on the government to suspend the Right to Buy scheme for social housing tenants.
The Chartered Institute of Housing (CIH) revealed councils in England had sold 2,645 dwellings in the final quarter of 2018 but only 1,038 replacement dwellings were started on site or acquired.
The CIH revealed the scheme is costing local authorities £300m a year and argued reducing discounts by just a third could free up enough funds to deliver an extra 12,000 homes a year.
It called on the government to suspend the scheme so that more money could be invested in social housing.
CIH chief executive Terrie Alafat said: “These latest figures confirm CIH’s view that the wider costs of Right to Buy exceed its benefits.
“With far more homes being sold than are replaced, Right to Buy is significantly reducing the number of badly needed affordable homes available.”
