Allow all the proceeds of ‘right to buy’ sales to be kept by the local authority

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Petition Action

Allow all the proceeds of ‘right to buy’ sales to be kept by the local authority

Petition Details

When right to buy council houses are sold there is no benefit to the local authority. If all proceeds of a right to buy sale were kept by the local authority the business case for new council housing is strong. Councils would build, the homeless would be housed, and funds earned for local councils.

Additional Information

When right to buy council houses are sold only a fraction of the price ever went to the local authority. This put an end to the building of new council housing. There is a clear local authority business case for building council housing: income generated will more than cover the costs, increasing revenues and reducing the need for cuts in other services. But the high chance that the tenant buys and all revenues go to central government destroys the business case.
See https://philhemsley.wordpress.com/2018/01/06/the-simple-change-to-government-budgeting-rules-that-could-solve-the-housing-problem/

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