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17/09/2018

More than 2,000 dwellings sold under Right to Buy in Q1

Words: Laura Edgar
Statistics / iStock-520660497

Local authorities sold an estimated 2,452 homes under the Right to Buy scheme between April and June 2018, according to statistics from the Ministry of Housing, Communities and Local Government (MHCLG).

This is a 13 per cent decrease from the 2,814 homes sold in the first quarter of 2017/18, and the lowest number sold since the 2,181 sold in Q1 of 2013/14.

In this latest quarter, London accounted for 16 per cent of all Right to Buy sales compared with 20 per cent Q1 in 2017-18.

Local authorities received approximately £202.9 million from Right to Buy sales in Q1, 16 per cent less that the same period a year earlier, when receipts totalled £242.2 million.

The statistical release states that £82,800 was the average receipt per dwelling, down from £86,100 in the first quarter of 2017/18.

As part of the Right to Buy replacement policy, 837 homes were either started on site or acquired in Q1, which is 14 per cent less than the number started a year earlier.

Local authorities have three years from the date of the sale of each additional home to provide an additional affordable property under the one-for-one policy. If a property is not replaced in that time, a proportion of the receipt is transferred to Homes England or the Greater London Authority, who use the receipts to deliver starts and acquisitions instead.

Between the first quarter of 2012-13 and the first quarter this year, 18,958 additional affordable properties were started or acquired. This falls short of the three-year replacement commitment, which is measured
against the replacement target of 21,265 – the number of additional sales between Q1 of 2012-13 and Q1 of 2015-16.

The full statistical release can be found here on the MHCLG website (pdf).

Image credit | iStock

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