Right to Buy Scheme – Parliamentary Written Answer

Tulip Siddiq: To ask the Secretary of State for Communities and Local Government, if he will make it his policy to allow local authorities to keep more than 30 per cent of the money generated from the sale of a council home under the Right to Buy scheme to help fund the building of replacement homes.

Alok Sharma: Local authorities who wish to build replacement homes enter into an agreement with this Department that allows them to retain and spend all the additional Right to Buy receipts (after covering debt, transaction costs and previously planned income from receipts) on replacement homes. The local authority must ensure that no more than 30 per cent of the cost of the new homes comes from the Right to Buy receipt.