Sadiq Khan’s Right to Buy-back scheme has resulted in more than 1,500 of London’s homes being brought back into public ownership in a year.
The mayor of London said he was “hugely encouraged” by the “enthusiasm” he saw from councils for using his flagship scheme to buy back homes and build new ones.
Khan launched Right to Buy-back in July last year to boost London’s supply of council homes. It gives boroughs the funds to purchase former council homes that have been sold into the private market through the government’s Right to Buy programme.
Since then 14 London boroughs have been given £152 million to purchase 1,577 market homes that have been or will be converted to social rent or to house homeless families. A total of 1,756 council homes in London were sold through Right to Buy in 2021.
According to the New Economics Foundation, the scheme has led to an average net loss of 24,000 social homes a year since 1991.
The mayor’s office says it has already exceeded his previous target of starting 10,000 new council homes this year. Khan now aims to start a further 10,000 homes in a significantly shorter time – a total of 20,000 new council homes by 2024.