The Government yesterday unveiled plans to revamp right-to-buy by offering discounts of up to £75,000 on council-owed properties.
The Prime Minister said he was “re-booting” Margaret Thatcher’s flagship right-to-buy scheme after sales dropped to 3,700 last year from a peak of 84,000 a decade ago.
Cash raised will be poured into home building, with all sold properties replaced with new affordable homes for rent.
The housing industry has welcomed the move but warns that cash trickling through from receipts will fail to tackle pressing housing need.
Modern Masonry Alliance campaigners have called on Government to borrow against expected receipts to release cash upfront for a fresh wave of affordable housing schemes.
Mike Leonard, director of the Modern Masonry Alliance said: “It is vital receipts are ploughed into new housing if we are to avoid reliving the mistakes of the past and help the 5 million people who are on the waiting list for a new home.”
He warned there was an urgent need to build 25,000 additional social homes for rent in the next 18 months.
“With a £75,000 discount housing minister Grant Shapps will be doing plenty of business - so let's get on with building the replacements now.”
“If we do this, it will deliver the kick-start for economic growth we so badly need and provide jobs for our young and older work force who are fast becoming disenfranchised from our society.
Leonard added: “Now is the opportunity to show the world that Britain is doing the right thing by providing demand for it's great building materials manufacturing sector and creating jobs and economic growth.
“The time has come to Get Britain Building!”
