Right to buy in England ‘fuelled housing crisis and cost taxpayers £200bn’ | Housing

According to a report on the contribution of politics to the housing crisis of the UK, Margaret Thatcher’s Purchasing Plan had a cost of almost 200 billion pounds to the Taxpayers of the UK.

Common Reture Thinktank, since 1980, the tenants in the report on the sale of millions of council houses with upright discounts, politics, social housing and turbocharger inequality fuel the large famine, he said.

He said that the sale of 1.9 million council houses in the UK, which describes this as “one of the biggest gifts in the history of England ,, has contributed to a situation where one of the six special tenants in the UK now has now rented an old local authority house.

Local authority tenants have been able to buy their homes since 1936, but in 1980, the changes made under the first Thatcher government triggered a explosion in sales with discounts perpendicular to the market value.

Calculating the “cost of opportunities ın of sales, Common Servet said that the former council houses are worth 430 billion pounds after taking into account the increase in inflation and real estate prices since 1980.

From this amount, Thinktank said that he represents an effective value when the houses are sold at a discount. Between 1980-81 and 2023-24, an average of 43% in the market price that reigned a discount.

The report, Deputy Prime Minister Angela Rayner, forces England to cope with the housing crisis. Sweeper changes The right to purchase, including making it difficult for tenants in the UK to buy their councils.

Under the planned changes, the compliance for the scheme will be bored. This will include extending the minimum time that a Council tenant should live in their homes between three to 10 years before purchasing a discount.

The right to purchase has been on a field by Thatcher to build a “property -owned democracy ına to the former working -class voters. Although it helps to host millions of families, it also consumed Britain’s affordable housing stock because it did not replace the houses.

After rising for decades, since 2004, hosting rates have fallen and collapsed among young adults. From the summit of more than half of the 25 to 34 -year -olds with their own homes in 1990, less than one quarter of young adults are now owners, which leads to a explosion in a special leasing and many of them to choose to live with parents.

After decades of sharp real estate prices for decades, Common Servet said that local authorities have lost the use of housing assets that can be sold at higher market values or used for social housing.

Thinktank’s chief economist Chris Hayes said: “The serious financial straits facing the councils should be seen in the context of an attack on the local government for decades, and rejects the discretionary authority that the councils will use in the best way.

“Now these beings are experiencing a terrible problem, and the councils still cost people through the housing crisis.”

Most of the properties are generally rented to the tenants who are generally for the benefit of housing to more than 20 billion £ more than £ 20 billion, and there is no financing to replace the houses sold by councils.

Leftist Thinkank, who has connected to high-level labor cabin numbers, said that local governments are in their “net absence ön every year, but sell more beings than they have built one since 1988-89. Earlier this year, a report made by the Cities Center found that the return of the number of affordable houses to 2010 levels would cost the government to cost 50 billion pounds.

In the next 10 years, Emek promised a “Social Rental Revolution” that allocates social and affordable houses of £ 39 billion. However, critics warned that the government could struggle to hit its goal to build a total of 1.5 million new houses.

A social housing campaign, Kwajo Tweneboa, said that the right to purchase has broken the council houses and transferred the public reserve to private hands ”.

“A housing is in emergency. Millions of people stuck to the waiting lists. Tens of thousands of people living in unsuitable and insecure temporary accommodation. The houses that once belonged to the public are now being a profit for private hosts.”