Propertymark has backed government proposals to limit the right to buy (RTB) scheme, which it argues has reduced access to affordable housing.
According to government figures, between 2012 and 2024 over 124,000 council properties have been sold through RTB sales. These were replaced with fewer than 48,000 properties in the same period.
As such, the government has argued this is exacerbating the housing shortage with 1.3 million people on social housing waiting lists and 117,450 households in temporary accommodation.
Propertymark is in agreement that this should be rectified and supports proposals to reform the discounts available under RTB, as well as eligibility periods.
The trade body is backing the minimum qualifying period being doubled to a minimum of 10 years, and available discounts (currently 35% to 70%) being brought in line with maximum cash discounts of £16,0000 to £38,000.
Propertymark has also argued that RTB use should be restricted so it can’t be used excessively by the same individuals, which it claims “undermine” the aims of the scheme.
However, while Propertymark “strongly” supports the government’s plans to replace RTB properties on a one-for-one basis it has called for more support in this area.
“We urge the UK Government to allow local councils the flexibility to build the right type of homes to meet the needs of their community,” argued Propertymark in a statement.
“However, we do not think that the time limit to spend receipts should be increased. The current five-year term is reasonable for Local Authorities to develop replacement properties. To support this, appropriate grants, resources and capacity must be made available for councils to complete developments within the five-year period.”
