{"id":17005,"date":"2017-06-21T16:04:52","date_gmt":"2017-06-21T15:04:52","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=17005"},"modified":"2018-11-21T15:36:47","modified_gmt":"2018-11-21T14:36:47","slug":"councils-exercising-right-buy-back","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=17005","title":{"rendered":"Councils exercising their Right to Buy back"},"content":{"rendered":"<p>Following a Freedom of Information request, the BBC has discovered that millions of pounds have been spent by local authorities which have bought back properties previously sold under the government\u00e2\u20ac\u2122s Right to Buy scheme.<\/p>\n<p>When the scheme was introduced in October 1980 it allowed tenants of three years or more to purchase their homes with discounts ranging from 33-50 per cent, depending on how long they had lived in the property. According to government figures, by 1982 over 400,000 people had bought their council property under the scheme.<\/p>\n<p>The scheme currently allows public sector tenants a discount of up to 70 per cent, although the amount is capped at \u00c2\u00a378,600 in England (or up to \u00c2\u00a3104,900 in London boroughs).\u00c2\u00a0 Housing association tenants can also now buy their homes at discounted rates.\u00c2\u00a0 However, in areas outside England the scheme is being withdrawn, as its impact on the availability of public housing is recognised.<\/p>\n<p>In an effort to meet existing housing shortages, some councils have purchased back homes previously sold at a discount.\u00c2\u00a0 The extraordinary increase in property prices we have seen over\u00c2\u00a0several years means that the homes are being re-purchased at hugely inflated prices.<\/p>\n<p>The released figures reveal that between 2014 and 2016, Islington Borough Council spent over \u00c2\u00a36.2m buying back 25 properties it had previously sold for nearly \u00c2\u00a31.3m.\u00c2\u00a0 The purchasers received discounts of over \u00c2\u00a3900k when they bought the properties. \u00c2\u00a0The buy-back isn&#8217;t just happening in London &#8211; Birmingham has agreed in its budget to re-purchase up to 200 of its previously sold Right to Buy stock.<\/p>\n<p>The lack of social housing investment has been blamed by charities, and the government has already promised to build more affordable homes after recently admitting that the current housing market is \u00e2\u20ac\u02dcbroken\u00e2\u20ac\u2122.<\/p>\n<p>The financial gains of those who have exercised their Right to Buy have been described as &#8216;unfair&#8217; by Iona Bain of <em>Young Money Blog<\/em>, who argues that they had received \u00e2\u20ac\u02dcinflated profits\u00e2\u20ac\u2122 after \u00e2\u20ac\u02dcbenefiting from living rent free for 20-30 years\u00e2\u20ac\u2122.<\/p>\n<p>The housing stock sold under Right to Buy has not been replaced at the same rate it has been sold.\u00c2\u00a0 Housing charity, Shelter, is now calling for \u00e2\u20ac\u02dciron-clad guarantees\u00e2\u20ac\u2122 to ensure that sold properties are replaced by similar replacements to ensure that affordable housing is available for future generations.<\/p>\n<p><a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/INDEX1.html\">PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a Freedom of Information request, the BBC has discovered that millions of pounds have been spent by local authorities which have bought back properties previously sold under the government\u00e2\u20ac\u2122s Right to Buy scheme. When the scheme was introduced in October 1980 it allowed tenants of three years or more to purchase their homes with &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=17005\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Councils exercising their Right to Buy back&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[565,561],"class_list":["post-17005","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Councils exercising their Right to Buy back - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=17005\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Councils exercising their Right to Buy back - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"Following a Freedom of Information request, the BBC has discovered that millions of pounds have been spent by local authorities which have bought back properties previously sold under the government\u00e2\u20ac\u2122s Right to Buy scheme. 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