Magazine article Public Finance

Right-to-Buy Sales Have Halved since Last Year

Magazine article Public Finance

Right-to-Buy Sales Have Halved since Last Year

Article excerpt

Right-to-buy sales have fallen by almost half, with councils selling just 26,655 homes last year - down from 49,983 the year before.

Discounts have been limited to £16,000 in London and parts of Southeast England since April 2004. During the final year before the cap was introduced, 69,577 tenants bought their homes - the highest number for more than a decade.

But lower discounts do not fully explain the dramatic decline in RTB sales over the past 12 months. While sales in London fell in 2005/06 from 10,691 to 4,042, there were also major reductions in Yorkshire and the Number (from 9,545 to 4,922) and the Northwest (8,462 to 5,451).

A spokesman for the Department for Communities and Local Government said the fall was also due to fewer good-quality homes being available and more properties being transferred to registered social landlords. …

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