HC Deb 17 March 2003 vol 401 cc614-5W
Ms Buck

To ask the Deputy Prime Minister how many properties have been sold under the Right to Buy; how many have been sold under Right to Buy in the last three years; how many households are supported in temporary accommodation; and how many new units of social housing have been completed, in the last three years, in each local authority in London. [96896]

Mr. McNulty

Information reported by London boroughs has been placed in the Library of the House.

Matthew Green

To ask the Deputy Prime Minister what estimate he has made of the discounts to be paid under the Right to Buy scheme in the financial year 2002–03; and what financial provision he has made. [102634]

Mr. McNulty

The Right to Buy scheme allows tenants to purchase their homes at less than market value, but this does not involve any additional capital expenditure by the authority. The discount represents a reduction in the authority's capital receipt, 75 per cent. of which under current regulations has to be set aside for debt redemption or paying off credit arrangements. The accumulated balance of usable receipts may then, at the authority's discretion, be used to support their housing capital programme.

In the period April to September 2002, it is estimated that the value of discounts allowed through right to buy sales in England was some £657 million. The market value of the estimated 27,800 sales in the period was about £1,584 million.