LGA Urges Councils to Retain RTB Funds to Combat Social Housing Shortage
The Local Government Association (LGA) has urged councils to take control of Right to Buy (RTB) discounts and retain all sales receipts. This comes amidst a critical shortage of social housing and a significant shortfall in replacements. Currently, only 43,000 social homes are planned to be replaced, falling short of the estimated 100,000 homes needed. The situation is further exacerbated by the upcoming 10.1% increase in RTB discounts in October, which will make it even harder for councils to deliver new council housing. To tackle this, local authorities are seeking the ability to transfer RTB funding to housing companies. This would provide greater flexibility in delivering new council housing. Additionally, councils want to combine RTB receipts with government grant funding for affordable housing programs. This would help address the housing shortage and assist people on waiting lists and in temporary accommodation. The LGA's proposals aim to empower councils to address the critical shortage of social housing. By allowing them to set local RTB discounts and retain 100% of sales receipts, councils can work towards replacing the estimated 57,000 homes set to be lost by 2030 due to the RTB scheme.
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