Homes re-sold since 2000 made £6.4bn in profit right to buy - watsupptoday.com
Homes re-sold since 2000 made £6.4bn in profit right to buy
Posted 14 Mar 2019 04:42 PM

Agencies

A former council tenant bought their home under Right to Buy for £8,000 and sold it on for £285,000 nine days later - a £277,000 profit.The Solihull buyer was among 140 in Great Britain who bought and resold within a month, making a £3m collective profit.

Opponents of the scheme said too many people had profited from a policy that had "much bigger social ambitions".Supporters said Right to Buy helped people secure their financial future.

The Chartered Institute of Housing said it was "shocking to see the extent of the profit margin in black and white".It called for the scheme to be suspended in England. In January it was halted in Wales, as it was in Scotland in 2016.

Housing commentator Henry Pryor said, "Far too many simply profited from a scheme that had much bigger social ambitions".

In one of the widest-ranging investigations into the policy, the BBC's Shared Data Unit obtained and analysed data from HM Land Registry, the Registers of Scotland and the Northern Ireland Housing Executive. Data for 92,000 sales was published in Freedom of Information responses.

The investigation found homeowners in Britain who bought under the scheme had made £6.4bn in collective profit from sales since 2000.

The former tenants were allowed to buy their homes at a discount. However, those who sold within five years of purchasing - including the Solihull buyer who bought and sold in July 2013 - would have had to repay the discount on a sliding scale depending how long they kept their home.

According to their reports, the discounts they repaid were not recorded in the data.

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