From Right to Buy to Buy to Let

Tom Copley, Labour’s housing spokesperson on the London Assembly and chair of the London Labour Housing Group, has compiled an astonishing report on the disaster of the right to buy in London. Tom concludes: ‘As a policy, Right to Buy is possibly unrivalled in representing such poor value for money to both taxpayers and local authorities. For taxpayers, they not only funded the initial building of the council home, they then subsidised the substantial discounts offered to tenants and then – once the homes were sold – missed out on the rental income that would have covered the build costs.’ Tom focuses on the evidence he has collected that shows that a minimum of 36% of all homes sold by councils across London are now let by private landlords. Many are let at extremely high market rents to tenants who need support from housing benefit. Tax payers have to pay again. To add insult to injury, some of the homes are let back to councils or housing associations to house homeless households for which the councils have statutory responsibility. Read more on the Red Brick blog.