The Right to Buy Bubble

Origin of Specious

There’s a lot of anger around about the UK Government’s proposed extension of Right to Buy to housing association tenants. But it hasn’t been focused on what seems to me to be the worst aspect of the deal.

Many people have pointed out that it will do nothing to address the housing shortage, which of course it won’t, since the government’s promise to replace each home sold with a new council home has proven empty so far, and covenants without the sword are but words.

Nor will selling homes to their occupants help to bring down house prices. I have elsewhere advocated a housing buffer stock policy to stabilise prices, but it only works when what is sold out of the buffer stock provides a cheap alternative for those shopping on the market, not those who were already comfortably housed.

Of course R2B fulfills the dreams of hard working families (HWFs –…

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