Right to Buy homes re-sold since 2000 made £6.4bn in profit

Category : UK News
Updated On : March 15, 2019 02:01 AM
By Indian Times Daily

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 difference. The Solihull buyer was among 140 in Great Britain who bought and resold within one month, creating 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 former tenants were allowed to buy their homes at prices below the market rate. However, those who sell within five years of purchasing - including the Solihull buyer who bought and sold in July 2013 - should have to pay back some or all of the discount they received.

Repaid discounts, which are calculated on a sliding scale depending how long the purchaser kept their home, were not included in data the BBC obtained on 92,000 sales across the UK. The Chartered Institute of Housing (CIH) said it was "shocking to see the extent of the profit margin in black and white".

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