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222396
star this property registered interest false more like this
star this property date less than 2015-02-20more like thismore than 2015-02-20
star this property answering body
Department for Communities and Local Government remove filter
star this property answering dept id 7 more like this
unstar this property answering dept short name Communities and Local Government more like this
star this property answering dept sort name Communities and Local Government more like this
star this property hansard heading Right to Buy Scheme: Greater London more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Secretary of State for Communities and Local Government, how much from Right to Buy sales has been returned to the Treasury by each London borough in each of the last five years. more like this
star this property tabling member constituency Tooting more like this
star this property tabling member printed
Sadiq Khan more like this
star this property uin 224607 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2015-03-24more like thismore than 2015-03-24
unstar this property answer text <p>Since the reform of the Housing Revenue Account and the introduction of Self-Financing in April 2012, a proportion of receipts are paid to Treasury in order to (a) reflect the reduction in the amount owed by local authorities to Treasury as part of the Self-Financing Settlement and (b) to tackle the budget deficit left by the last Administration.</p><p> </p><p>The attached table shows those parts of the receipts arising from Right to Buy (or equivalent) sales received in each London borough in the previous five financial years and the first three quarters of the current financial year which have been indicated as payable to the Treasury. Since the reinvigoration of Right to Buy in April 2012, the 29 London stock-holding authorities have retained approximately £406 million for the purposes of providing replacement social housing in their local areas.</p><p> </p><p>Overall, Right to Buy increases housing investment and housing construction. Since the Right to Buy was reinvigorated across England, £730 million in sales receipts are being re-invested in affordable house building; levering a further £1.7 billion of investment over the next 2 years. This means that in total, over £2.4 billion will be raised to invest in affordable house building as a result of Right to Buy.</p><p> </p><p>In England, council house building starts are now at a 23 year high and almost twice as many council homes have been built in the last 4 years than from 1997 to 2009. Previously, councils were not encouraged to build new homes from sales receipts and only 1 new council home was built for every 170 Right to Buy sales completed under the last Administration.</p><p> </p>
star this property answering member constituency Great Yarmouth more like this
star this property answering member printed Brandon Lewis more like this
star this property question first answered
remove filter
star this property answering member
4009
star this property label Biography information for Brandon Lewis more like this
star this property attachment
1
star this property file name 224607 Khan.xlsx more like this
star this property title Right to Buy Sales Table more like this
star this property tabling member
1577
unstar this property label Biography information for Sadiq Khan remove filter