Right to Buy Scheme
The question
To ask the Secretary of State for Housing, Communities and Local Government, how much funding has been provided to local authorities from Right to Buy receipts to fund new housing in each year since 2009-10.
Answered by Matthew Pennycook
Since 2012, councils have been able to retain a portion of the capital receipts generated from Right to Buy sales to use towards new affordable housing.
Prior to 2012, around 75% of receipts were returned to the Treasury and the remaining 25% was retained by the council for any capital purpose.
Since 2012, councils have retained on average £446.8 million per year for replacement social housing.
Between 2012-13 and 2021-22 councils were required to return a portion of the capital receipt to HMT representing approximately £183 million per annum.
As announced at Budget, the government is allowing councils to retain the share of the receipts that was previously returned to HMT so support the delivery of replacement homes.
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