12. What the replacement rate of council homes sold through the right-to-buy scheme has been since 2012. (900607)
Local authorities have three years from the date of sale of each home to replace the property. In the first year following the reinvigoration of the right to buy, there were 3,053 additional sales. Within two years—by the end of 2014-15—3,337 replacements were started or acquired.
The Institute for Fiscal Studies, Moody’s, the National Housing Association and the CBI, to name but a few, have raised concerns about the Government’s right-to-buy proposals. What assessment has the Secretary of State made of the impact of those proposals on the financial viability of housing associations and, in turn, their ability to build new affordable housing?
The impact of the policy will be to extend the aspiration of people across this country to own their own home, because 86% of people want to do so, and there is no difference between the aspirations of housing association tenants, council tenants and people who own their own home. That is the impact we are achieving through the policy.