Baroness King of Bow – 2014 Parliamentary Question to the Department for Communities and Local Government
The below Parliamentary question was asked by Baroness King of Bow on 2014-03-31.
To ask Her Majesty’s Government how much income from capital receipts from sales under the Right to Buy scheme has been paid to HM Treasury by local authorities in each year since 2010–11.
Baroness Stowell of Beeston
The table below answers the noble Lady’s question:
|
Financial Year |
Receipts arising in that year1 from Right to Buy sales (or equivalents)2 which are payable to HM Treasury (£ million)3 |
|
2010-20114 |
114.4 |
|
2011-2012 |
138.9 |
|
2012-2013 |
123.6 |
|
April 2013-December 2014 |
120.85 |
Notes
1 Figures include the payable part of mortgage repayments and repayments of discounts paid in the current year in respect of Right to Buy sales made in previous years.
2 For 2010-2011 and 2011-2012, figures include the payable part of receipts arising from all other disposals of dwellings. For 2012-2013 and 2013-2014, figures only include receipts arising from sales of dwellings to secure tenants which are below market value and some shared ownership sales.
3 All figures are provisional, though those for all years up to 2012-2013 have been audited which means that they are less likely to be amended.
4 Until the end of 2010-2011, receipts received by authorities which were debt-free on 31 March 2004 were payable not to HM Treasury but to the Department of Communities and Local Government and its predecessor departments.
5 The figure for 2013-2014 is only for the first three quarters of that year.
For 2009-2010, receipts arising from the sale of dwellings received by local authorities that were not debt-free that were paid to HM Treasury amounted to £132.7 million. For 2008-2009, the equivalent figure was £135.9 million.
The reinvigoration of Right to Buy since April 2012 has ensured, for the first time ever, that the receipts from the additional sales (those over what was forecast prior to the change) are reinvested to help fund new homes for affordable rent. So far, £300 million has been generated from additional sales and already over 2,000 homes have been started on site or acquired.
