New rules provide local authorities with more flexibility
with regard to how Right to Buy receipts can be spent - councils are now permitted to use RTB
receipts to cover up to 40% of the costs of building new homes, as opposed to
the previous 30%. Also, the deadline for utilising the proceeds of Right to Buy
sales was increased from three to five years. The scheme, however, is facing
mounting criticism over the extent to which the Treasury has profited from RTB
sales, to date more than £47 billion. Official figures regarding how much has
been invested directly into the social housing infrastructure have never been
fully disclosed, leading many to conclude that the government is using RTB as a
cash cow. Read more on the Real Business website.
Right to buy faces further criticism due to social housing shortages - (realbusiness.co.uk)
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