The Queen’s speech has confirmed the Government’s commitment to extending the right to buy option to 1.3 million housing association tenants, with support funding coming from the sale of high value council owned homes.
The Queen’s speech has confirmed the Government’s commitment to extending the right to buy option to 1.3 million housing association tenants, with support funding coming from the sale of high value council owned homes.
Savills research has mapped the turnover of social rented housing, as a guide to the likelihood of such homes becoming available. Click here to see the map.
Chris Buckle, Savills research analyst, comments that:
“On 1st April 2014 only 27,318 council-owned homes were vacant across England - circa 50% less than the number that became vacant in 2004 (57,536). This fall is partly a consequence of local authorities owning fewer homes, but the more significant effect has been the increasing pressure on housing over this period as supply has failed to keep pace with demand and housing waiting lists have lengthened.
“Savills analysis shows turnover of social rented homes is least in high value areas where there is greatest capacity to release capital from sales of stock that becomes vacant. The lowest levels of turnover are seen in London, where the difference between rents between private and social rented homes is greatest. The gap significantly reduces the likelihood of a tenant relinquishing a property.
“The greatest turnover is found in more affordable parts of the country, i.e. the North, where the difference in rent levels between social rented and private rented homes is relatively small.”