Selling off high value social housing?
A new report from thinktank the Policy Exchange says the waiting list for housing could be reduced by 600,000 in five years by selling social housing in expensive places to fund housebuilding in areas that are cheaper. They estimate that selling highest-value properties could generate £4.5bn to build up to 170,000 social homes a year.
Publication Date: 21.08.2012
Grant Shapps, the housing minister, has welcomed the report but some Labour politicians strongly criticised the recommendation, with Lord Prescott, the former deputy prime minister, describing it as a "social cleansing plan” and “sanctioned gerrymandering".
According to the report, properties worth more than the average house price for an area account for one in five of the social housing stock. These 816,000 homes have a total value of £159bn, with £71.9bn of that in London. About 3.5% of the buildings become vacant each year and, after debts are paid off, would raise £4.5bn.
Read the full report 'Ending Expensive Social Tenancies':
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