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Housing: Finance

Volume 474: debated on Tuesday 1 April 2008

To ask the Secretary of State for Communities and Local Government what proportion of Government receipts from right to buy sales have been spent on housing in the last 10 years, broken down by type of housing. (192038)

As I stated to my hon. Friend in my answer to him on 21 February 2008, Official Report, columns 905-07W, receipts arising from Right to Buy (RTB) sales are interchangeable with all other capital receipts. Therefore, they are not hypothecated to any particular spending at any particular time. However, the Government have consistently invested more in housing than they have received in receipts.

The following table shows total receipts arising from RTB sales as shown in my answer referred above. The Department does not collect how much of those receipts were set aside for debt repayment or paid to the Secretary of State, although it is known that 75 per cent. of these receipts are so treated after administrative, improvement and other costs are taken into account.

The table also shows the overall capital sums invested in housing broken down into investment in council owned housing stock and investment through registered social landlords. The total is greater than the component parts set out as it includes, for the most part, local authority investment in private sector housing. The balance between the total investment figures provided and the sum of the council and registered social landlords figures relate to grants provided to the private sector such as housing market renewal and disabled facilities grant. The figures and this explanation on investment were provided in my answer to my hon. Friend on 17 December 2007, Official Report, columns 1140-41W.

Right to Buy (RTB) Receipts

Total CLG capital investment in housing

(a) council owned stock

(b) registered social landlords

1997-98

890

1,894

909

727

1998-99

911

2,098

1,135

732

1999-2000

1,374

2,173

1,126

815

2000-01

1,426

2,866

1,959

830

2001-02

1,566

3,312

2,378

823

2002-03

2,210

3,598

2,459

1,030

2003-04

2,936

4,685

2,683

1,805

2004-05

2,575

4,767

2,772

1,626

2005-06

1,544

5,106

3,055

1,609

2006-07

1,145

5,194

2,442

1,953