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Right to Buy housing sales hit lowest level for two years

The number of homes bought by social housing tenants has fallen to its lowest level in two years, new figures show.

Local authorities sold a total of 2,779 homes under the Right to Buy scheme in the quarter from April to June this year, according to the Department for Communities and Local Government (DCLG).

This is down sharply on the 3,381 sold in the previous three months and represents the lowest figure since 2,181 homes were sold between April and June 2013.

While the number of properties sold has fallen, the value of each home jumped from £74,000 to £80,000 over the last 12 months recorded.

The DCLG said this is partly due to the increased proportion of homes sold to tenants in London, where prices are well above the average.

It means local authorities received a total of £223 million from the most recent sales.

Overall demand for the Right to Buy scheme has increased sharply since April 2012, when the DCLG increased the maximum cash discount available to eligible social housing tenants across England to £75,000.

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