CLG Considering Allowing Shared Ownership For RTB Replacements

Housing minister Alok Sharma is examining the request, submitted by Treasury advisor Arlingclose on behalf of the authorities in June. The proposals call for legislation to be changed to allow councils to spend money raised through Right to Buy sales on purchasing homes from the open market for shared ownership. Councils are supposed to replace homes lost through the Right to Buy with new builds for affordable rent, but are only allowed to spend 30% of receipts on the construction costs. Virtually all the homes sold under the Right to Buy are social rent properties, and the policy move would raise fears over the further depletion of social rented stock. Read more on Inside Housing.