London’s Right to Buy-back scheme unlocks over 1,500 council homes
More than 1,500 London homes have been brought back into public ownership over the past year, under London mayor Sadiq Khan’s Right to Buy-back scheme.
The scheme, announced last July, aims to boost the capital’s supply of council homes, giving 14 boroughs access to £15m to buy back properties which have been – or will be – converted into affordable housing.
It comes as house prices and rental costs in London continue to rise, colliding with a cost of living crisis which has significantly dialled back Brits’ spending power.
“For more than 40 years, London’s precious council homes have been disappearing into the private sector, often never to be replaced,” said Khan. “These homes were built for the public good… Returning these homes to public ownership is a key part of my plan to build a better London for everyone.”
It forms part of Khan’s plan to start building 20,000 new council homes for Londoners by 2024.
Khan added that, under his term, London’s council homebuilding has been brought back up to levels not seen since the 1970s.
It means families on the waiting list, some of which have spent years living in hostels and B&Bs, will have access to council homes.
Mayor of Lewisham, Damien Egan, added: “The Right to Buy-back scheme is already making a big difference in Lewisham, with families moving into their new homes.”