You are here: Home -

London Mayor urges landlords to sell properties to councils rather than other investors

by:
  • 09/08/2022
  • 0
London mayor Sadiq Khan has said it would be better for small landlords intending to sell their properties to sell them to local councils rather than other landlords.

In an update on the Right to Buy-back scheme, which was launched in July last year to help councils bring more homes into public ownership, the mayor said that more small landlords were planning to sell properties due to changes in tax laws.

He continued that it was “far better” for these properties to be sold back to local councils rather than other private landlords.

The Right to Buy-back scheme has currently helped bring more than 1,500 homes back into public ownership.

Around 14 boroughs have been allocated £152m to buy 1,577 market homes that have been or will be converted into affordable housing, either councils let at social rent or homes to be let to homeless households.

Since Right to Buy was introduced in 1980, over 300,000 London council homes have been sold and replacement homes that were funded through Right to Buy receipts comes to 14,000, which is lower than the 23,000 homes sold over same period.

Khan said: “For more than 40 years, London’s precious council homes have been disappearing into the private sector, often never to be replaced. As Mayor I have maintained a relentless focus on stemming the tide and replenishing London’s social housing stock.

“I am proud that, thanks to my interventions, we have brought council homebuilding back up to levels not seen since the 1970s and I’m hugely encouraged by the enthusiasm I see from boroughs across London for building new council homes and using my Right to Buy-back scheme to return homes to public ownership.”

He continued: “These homes were built for the public good and it has been painful to watch them disappear into private portfolios. Returning these homes to public ownership is a key part of my plan to build a better London for everyone – a city that is greener, fairer and more prosperous for all.”

Related Posts

Tags

There are 0 Comment(s)

You may also be interested in