Wales has confirmed that it is to scrap the former flagship Thatcherite policy of Right To Buy.
Since 1980, 138,423 homes have been bought by council and housing association tenants under Right To Buy and associated schemes; the Labour party says this constitutes around 45 per cent of the principality’s social housing stock.
It is estimated that some 40 per cent of RTB properties sold in Wales have directly or indirectly ended up in the private rental sector.
Scotland scrapped Right To Buy on August 1 and now Wales says it will introduce similar legislation within the next 12 months.
“Plans to end Right To Buy are accompanied by action to help home ownership through schemes such as Help To Buy, which do not reduce the social housing stock” explains Carl Sargeant, the Welsh Government’s communities cabinet secretary.
“We are investing up to £290m in a second phase of the shared equity loan scheme, which will aim to support the construction of more than 6,000 additional new homes by 2021, significantly boosting Wales’ building industry and making home ownership achievable for thousands more families” he says.