2nd July 2012
Housing Minister Grant Shapps revealed that of the 167 councils which retain housing stock, more than two thirds (120) have already signed up to a one-for-one deal that allows them to keep the receipts from their additional Right to Buy sales.
The revamped Right to Buy, launched in April, offers England's 2.5 million council tenants discounts of up to £75,000 when buying their home - tripling the discount in many parts of the country, and quadrupling it in London.
The cash raised from Right to Buy sales must be spent on new affordable homes for rent within three years of first receiving it. If the money remains unspent after three years it will be returned to Whitehall to be invested nationally in more housebuilding.
The remaining 47 councils yet to sign an agreement will have to pass their additional receipts into a central pot from which they will be able to bid for funding to invest in affordable homes.
But the Minister stressed the door would still be open for these councils to sign up to use Right to Buy cash to build new homes in their area. Those who sign up by September will be able to keep receipts from July sales onward.
