Hoarding Bulk of Right to Buy Cash Will Lead to 'Thousands Fewer Council Homes'

Plans that will see the Treasury retain 75% of the cash raised by local authorities from the sale of their council homes could lead to thousands fewer council homes, the Local Government Association (LGA) has warned. Under the Housing and Revenue Account (HRA) Reform, which is due to be implemented from April 2012, councils will still be required to submit 75% of their Right to Buy (RTB) receipts. The HRA reform - which will allow councils to keep their rental incomes in exchange for a slice of the national debt - has been broadly welcomed by the sector, but councils have hit out at continued restrictions on the cash they can keep from RTB sales. Read more on the Public Finance magazine website.