Extending Right To Buy To Cost £6bn By 2020

Extending the Right to Buy to housing association tenants will cost £6 billion over the next four years as almost 100,000 households take up the offer. It is forecast that around 24,000 housing association tenants a year will buy their home with an average discount of £63,271 under the Right to Buy extension - the discount would cost £1.5 billion a year. The Local Government Association (LGA) is warning that the offer must not be funded by forcing councils to sell-off their social housing, which would drive up rents and the housing benefit bill and lower the capacity of councils to build more homes and tackle waiting lists. It is crucial that councils are able to retain 100 per cent of receipts from the sale of any council homes to reinvest in the desperately needed homes across the country. Read more on the LGA website.