Council repurchases homes sold under Right to Buy scheme for housing expansion

Council repurchases homes sold under Right to Buy scheme for housing expansion

0:02 AM, 18th October 2023, About 7 months ago 14

Text Size

A London council is set to spend millions of pounds repurchasing 310 council homes that were sold off under the Right to Buy scheme.

Islington council reveals the programme is part of the council’s commitment to increasing the number of council-owned homes in the borough.

The council homes will be a mix of one, two, three and four-bedroom properties for individuals and families and is set to be the largest buy-back programme in the country.

Affordable place to call home

The additional properties will provide temporary accommodation for people who are experiencing homelessness, or who have had to leave Afghanistan or Ukraine. 

Councillor Una O’Halloran, executive member for homes and communities, said: “We want everyone in Islington to have a safe, decent and genuinely affordable place to call home.

“Every council home we buy back or build is another home where people can thrive. These homes will provide a secure base from which people who are experiencing homelessness or have had to flee conflict can start to rebuild their lives locally.

“They will mean more people benefit from good quality temporary accommodation in Islington when they need it most. I’m proud that we are leading the way with our buy-backs programme and also doing everything we can to increase the amount of council homes in the borough.”

Expansion of scheme

Under Right-to-Buy, council tenants are offered a discount to purchase their homes.

The council secured an additional £82m from the Department for Levelling Up, Housing and Communities (DLUHC) to expand the scheme and will add £85m of its own funding.

In total, it has secured £102m of funding from the DLUHC and the Greater London Authority to deliver its buyback programme.

In April this year, councils welcomed a policy shift by the government which grants councils the ability to keep 100% of funds from right to buy sales for two years, in an effort to boost housebuilding.

Local authorities will be able to keep all right to buy receipts from sales in 2022-23 and 2023-24 and will have five years to spend the money.


Share This Article


Comments

Michael Booth

8:03 AM, 19th October 2023, About 7 months ago

Reply to the comment left by Robert M at 18/10/2023 - 10:50
Don't forget the landlord pays cgt.on any profit either at 10%or 28% depending what your income tax rate ,and when the socialist get in its going up again to 20 and 40% get out while you can.

Michael Booth

8:25 AM, 19th October 2023, About 7 months ago

Reply to the comment left by Anne Noon at 18/10/2023 - 12:03
Section 8 the owing tenants and let them know the consequences of a section 8 notice ie the council will deem them deliberately making themselves homeless by not paying their rent and will not re house them this normally wakes them up to the reality of their actions.

JeggNegg

10:40 AM, 20th October 2023, About 7 months ago

Reply to the comment left by Concerned landlord at 18/10/2023 - 11:29
surely there is a better process? even if it means tweaking the rules.

Mick Roberts

8:17 AM, 21st October 2023, About 7 months ago

Testing links

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now