New data has exposed the eye-watering £1.5 billion cost to taxpayers from Right to Buy discounts in just five years, sparking fresh debate about the controversial housing scheme.
Between 2018 and 2023, over 50,000 council properties were sold under the policy, with discounts averaging £70,000 per home – enough to build 12,000 new social houses at current construction costs.
Soaring Demand, Shrinking Stock
The figures reveal a growing crisis in social housing as councils struggle to replace sold properties. While Right to Buy was designed to boost home ownership, critics argue it's decimating affordable housing stocks during a national shortage.
"These discounts represent a huge transfer of public wealth into private hands," said housing expert Dr. Sarah Wilkinson. "With waiting lists at record highs, we must question whether this remains sustainable."
Regional Disparities Emerge
The impact varies dramatically across the country:
- London accounts for 40% of total discount costs
- Northern regions see slower sales but steeper affordability challenges
- Coastal areas report disproportionate purchases by buy-to-let investors
Government Defends Home Ownership Drive
Housing Minister Tom Pursglove maintained the policy's importance: "Right to Buy has helped over 2 million families achieve home ownership since 1980. We're committed to both the scheme and building new affordable homes."
However, with replacement rates below 50% and construction targets repeatedly missed, many local authorities are calling for urgent reform.
