§ Mr. AltonTo ask the Secretary of State for the Environment what is the latest estimate of funds generated from capital receipts obtained through the sale of council houses; and whether he will now allow local authorities to use these receipts for reinvestment in new construction projects.
§ Mr. YeoThe capital value (net of discount) of sales of dwellings by local authorities in England between April 1979 and June 1991 amounted to nearly £18 billion.
Since 1 April 1990 local authorities have been free to use 25 per cent. of the receipts from the sale of council dwellings for new capital investment. However, our general policy is to encourage the private sector, including housing associations, rather than local authorities to be the provider of new subsidised housing.