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London council reveals plan to buy back hundreds of Right to Buy homes
A London council is set to spend tens of millions of pounds buying back 310 council homes that were sold off under the Right to Buy (RTB).
Islington Council said the decision had been made as part of its buyback programme and built on the 100 ex-council homes it repurchased in July.
The council believes its programme is one of the largest in the country, and the homes in this instance will be a mix of one, two, three and four-bedroom properties for individuals and families.
Under RTB, council tenants are offered a discount to purchase their homes. The size of the discounts were increased in 2012 under a relaunch of the scheme, to a maximum of £87,200 across England and £116,200 in London.
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The average discount in 2021-22 was nearly £68,000.
The council explained that the additional properties in Islington would provide safe, decent temporary accommodation for people experiencing homelessness, or who have had to leave Afghanistan or Ukraine.
The expanded programme is part of the council’s commitment to increasing the number of council-owned homes in the borough and continuing “Islington’s proud history of welcoming refugees”.
The council secured an additional £82m from the Department for Levelling Up, Housing and Communities (DLUHC) to expand the scheme, and will add £85m of it own funding.
In total, it has secured £102m of funding from the DLUHC and the Greater London Authority to deliver its buyback programme.
Una O’Halloran, Islington’s executive member for homes and communities, said: “We want everyone in Islington to have a safe, decent and genuinely affordable place to call home. Every council home we buy back or build is another home where people can thrive.
“These homes will provide a secure base from which people who are experiencing homelessness or have had to flee conflict can start to rebuild their lives locally.
“They will mean more people benefit from good-quality temporary accommodation in Islington when they need it most. I’m proud that we are leading the way with our buybacks programme and also doing everything we can to increase the amount of council homes in the borough.”
In April this year, councils welcomed a change by the government that means they can keep 100% of funds from RTB sales for two years, in an effort to boost housebuilding.
The Local Government Association said it was “incredibly pleased” about the move, which it had long been lobbying for.
Local authorities will be able to keep all RTB receipts from sales in 2022-23 and 2023-24 and will have five years to spend the money.
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