Across London, 42% of homes sold off through the Right to Buy are now being rented out by private landlords at market rates – up from 36% when I last investigated this issue in 2014.
That’s at least 11,000 more council homes in the hands of private landlords than there were five years ago, a shocking transfer of wealth from the many to the few.
In Newham, 44.6% of former council homes sold through the Right to Buy are now being rented out by private landlords. There are at least 5 individuals in Newham who own five or more former council homes.
My report also reveals that councils in London are spending a total of at least £22 million a year renting back 2,333 of their former council homes to house homeless families. These were homes they were forced to sell at a discount that they now have to pay market rates to rent back.
Newham has to rent back 808 homes at an annual cost of £12,858,869.
This is ludicrous, and the blame lies squarely with Tory government policies.
It would be galling if the crucial work Labour councils across London are doing building new council homes for the first time in a generation was undermined by the continuation of the Right to Buy.
That’s why I’m asking people to take action by signing this petition calling on Theresa May to end Right to Buy in England. The Scottish and Welsh governments have already done so.
I would be extremely grateful if you could promote this petition on social media so that it can attract as much support as possible.
The full report will be published on my website tomorrow along with the data tables. If you have any questions about the research, or would like to discuss it, please let me know".
Tom Copley AM
London Assembly Member | City Hall Labour housing spokesperson
(this is a great evidence backed campaign led by Tom which should be supported by all of us concerned with the housing crisis in London and elsewhere. I have signed the petition)