Allow local councils to keep 100% of Right to Buy receipts.

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Petition Action

Allow local councils to keep 100% of Right to Buy receipts.

Petition Details

Under current regulations, councils in England are entitled to pay for 30% of the cost of replacing social housing with funds from the sale of Right to Buy properties. This means that, for every £1 of receipts they keep, they need to raise another £2.30 through loans.

Additional Information

The sale of social housing through the Right to Buy scheme could have been a good way for local councils to raise much-needed cash to build more homes. Unfortunately, the majority of it has ended up with central government as councils can't find the amounts of money needed to keep the receipts.
We are all well aware of the damage a shortage of available social housing has done and this change would allow the increase in home building that we so desperately need.

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