Right to buy means more homeowners AND more homes

A few constituents have expressed concerned about Right to Buy for Housing Association properties, asking if it means there will be fewer homes. On the contrary, there will be more homes overall as a result of Right to Buy, as the money from the sale can be spent on building an additional home. After a RTB sale there are still the same number of homes with the same people living in them, but there is extra cash to build more.

Since 2012 more than 36,000 new homeowners have been created through Right to Buy. The money freed can be reinvested. £850 million has been reinvested in affordable house building – with another £2 billion set to come in over the next two years. Under Right to Buy, every additional home sold will be replaced by a new affordable home to rent and local authorities are already delivering one for one replacements on additional sales.

With over 200,000 households helped into home ownership through Government schemes since 2010, this is part of our wider efforts to help anyone who works hard and wants to own their own home.

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One Comment

  1. PT
    Posted August 14, 2015 at 6:04 pm | Permalink

    “Under Right to Buy, every additional home sold will be replaced by a new affordable home to rent and local authorities are already delivering one for one replacements on additional sales.”

    That’s a lie, John.

    “With over 200,000 households helped into home ownership through Government schemes since 2010”

    FTBer numbers have been stuttering again, as the schemes that ‘helped’ buyers pushed up prices. So hundreds thousands of other FTBers and upsizers are punished.

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    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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