Well over 100 councils across England have taken the opportunity
to use cash proceeds from the reinvigorated Right to Buy. For the first time,
every extra council property sold under the scheme will be replaced by a new
affordable home for rent. Grant Shapps
has revealed that of the 167 councils which retain housing stock, more than two
thirds (120) have already signed up to a one-for-one deal that allows them to
keep the receipts from their additional Right to Buy sales. This agreement will give them the freedom to:
*decide on the
type, size and location of the new homes they build according to local needs;
and
*work with other
organisations such as housing associations to ensure the additional affordable
homes are built in their area.
The remaining 47 councils yet to sign an agreement will have
to pass their additional receipts into a central pot from which they will be
able to bid for funding to invest in affordable homes. Read more on the CLG website.
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