If previous experience of Right to Buy is anything to go buy, far from a one for one replacement, councils have only been able to replace one in 19 properties lost under Right to Buy.
RIght to Buy does nothing for people in the private rented sector, nothing for those on waiting lists, nothing for those living at home with their parents. It will cost a small fortune in public subsidy, and that subsidy could be better used to resolve the housing shortage.
Right to Buy has already reduced the amount of social housing, with up to 40% in some areas now in the private rented sector where rents have been pushed up three to four times their social rent levels.
It will also put housing associations in a difficult position where they may not want to sell their properties because of the impact on their revenue streams, something that might trouble those who lend to housing associations.
There is also the complication with charity law. The government will be forcing charities to sell assets the government may have had no part in funding in the first place.
What could happen is people in the nicest properties will take advantage of the Right to Buy and the people in the worst properties won’t, often because those homes are not mortgageable. The danger is it could provide a perverse incentive for some housing associations not to provide really good accommodation.
Extending Right to Buy is ill-conceived and just plain wrong.