- In Kingston upon Thames 46 percent of homes sold through Right to Buy are likely to be privately let
- In Enfield the figure is around 50%
- Tower Hamlets has the most with 51 percent likely to be privately let
Today's report shows for the first time that Right to Buy, a policy ostensibly about helping aspiring home owners, has led to tens-of-thousands of London's former council homes being rented out by private landlords.
This has helped to fuel the increase in the housing benefit bill, heaped more pressure on local authority waiting lists and led to more Londoners being forced into the under-regulated private rented sector.
– Tom Copley, Labour London Assembly member
This shows that Right to Buy currently represents incredibly poor value for money to taxpayers. Not only did they pay to build the home in the first place, they then subsidised the considerable discounts offered to tenants and then missed out on the rental income that would have covered the build costs.
Now, we have the indignity of London boroughs renting back their former council homes at higher market rent levels, once again costing taxpayers through the nose.
Around 52,000 properties sold through Right to Buy in London are now let by private landlords. The figures have been released by Labour London Assembly member Tom Copley, and make up 36% of properties sold.
Read more: How the Right to Buy scheme works