Ministers and officials from my department hold regular discussions with HM Treasury. The 2012 reinvigorated Right to Buy scheme increased maximum discounts to realistic levels and, for the first time ever, introduced a requirement that for every additional sale, a new affordable home will be provided nationally. Local authorities are able to keep the receipts from additional Right to Buy sales to fund replacement affordable housing.
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, as part of addressing the deficit in the nation’s finances.
The below figures show the total Right to Buy receipts paid to the Secretary of State since 2012/13.
Receipts Paid to Secretary of Sate
*quarters 1&2 only