Mayor of London Sadiq Khan has announced a new plan to boost the capital’s supply of council homes through a new Right to Buy-back fund.
The fund will give boroughs the funds to purchase former council homes that have been sold into the private market through the government’s Right to Buy programme. Right to Buy gave council tenants who had lived in their house for more than three years the chance to buy their property at a price substantially below market rate. Since the Act’s introduction more than 300,000 London council homes have been sold.