As Haringey did not manage to spend the money raised
through right-to-buy sales on new affordable housing, they are now being forced
to send it back. Under new rules for all right-to-buy sales after April 2012,
net receipts must be spent on replacement affordable homes within three years,
or handed back to the government with interest. In the last three years,
Haringey has accumulated almost £25m from the sale of council houses. In July,
Haringey sent back almost £15m to the government, as well as an interest of
£980,000. Gloria Saffrey, Director of Caris, a housing charity in Haringey,
said “The 15 million money could be invested to provide secure accommodation
for families in temporary accommodation because of homelessness.” Read more on
the Ham&High website.
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