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London Councils claim extra £470m could be spent on housebuilding if boroughs were allowed to keep all RTB receipts

If the Government slashed red tape and let them keep receipts from right-to-buy sales, then London’s borough councils would have an extra £470 million to spend on building new homes, it is claimed.

London Councils, the umbrella body representing all 32 boroughs and the City of London, made this claim in its response to a Government consultation on capital finances regulations for local government, based on data from 2014/15.

Sir Steve Bullock, London Councils’ executive member for housing, said: “Cutting restrictions around right to buy receipts would make a huge difference in helping councils replace those homes that are sold off, even if the level of funding they are allowed to retain is not increased.

“We know thousands more homes must be built in London every year to allow us to even begin to tackle a growing crisis. Boroughs have long been pulling their weight and doing their bit by granting planning permission and ensuring house-building is progressing, but they must be given more support.”

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