Government plans to increase right to buy discounts will fail to deliver replacement homes, local authorities fear. A consultation on plans to revitalise the right to buy was released before Christmas, proposing a new maximum discount of £50,000. The previous maximum discount varied but was as low as £16,000 in some areas. The consultation reiterated the government’s commitment to providing a new affordable rent home for each council home sold. However, some authorities have claimed government caps on borrowing would restrict their ability to replace stock. The CLG’s impact assessment shows councils would need £40,000 to £50,000 in receipts from each home to fund a replacement. The average council stock price in some parts of the north is less than £70,000, which could leave councils with less than £25,000 in receipts to replace a sold home. Read more on In
side Housing.
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