Housing Revenue Accounts – Parliamentary Written Answer

Mr Spencer: To ask the Secretary of State for Communities and Local Government what his policy is on the retention of receipts from the sale of council house sales in order to deliver services locally through the housing revenue account business plan.
Andrew Stunell: Receipts derived from the sale of tenanted homes to registered social landlords may be spent on any capital purpose (once outstanding liabilities have been met). All other receipts may be retained provided they are spent on affordable housing or regeneration projects, except right to buy (and similar) sales of existing council homes where 75% of the receipt must be surrendered to central Government.