1. Headline figures

2. Right to Buy sales

The Right to Buy scheme allows eligible social housing tenants to buy their house at a reduced price and has been in place since 1980. Right to Buy is available to local authority tenants, while some tenants of private registered providers can access the Preserved Right to Buy or Voluntary Right to Buy schemes. In 2023-24, there were 8,656 sales of social housing through the Right to Buy scheme ^{[footnote 1]}, including Preserved Right to Buy and Voluntary Right to Buy ^{[footnote 2]}, a 38% decrease compared to 2022-23.

Of the 8,656 Right to Buy sales in 2023-24, 7,065 were of local authority owned stock and 1,591 were of private registered provider owned stock. Of those owned by private registered providers, 1,541 were sold through Preserved Right to Buy and 50 were sold through Voluntary Right to Buy (this scheme has now closed) ^{[footnote 2]}.

Following a drop in Right to Buy sales in 2020-21, local authority Right to Buy sales recovered to pre-pandemic levels by 2022-23, but fell 37% in 2023-24 to only 67% of the total local authority Right to Buy sales in 2019-20.

Meanwhile, private registered provider Right to Buy sales in 2023-24 were only 34% of 2019-20 pre-pandemic levels, and a 43% decrease compared to 2022-23.

Since the introduction of Right to Buy in 1980-81, there have been 2,029,311 sales of social housing to tenants through all the Right to Buy schemes ^{[footnote 3]} up to the end of March 2024. Preserved Right to Buy was introduced in 1988-89, although data on the number of sales is only available from 1996‑97. The vast majority (94%) of all Right to Buy sales to date were to local authority tenants. Between 2008-09 and 2020-21, the percentage of all Right to Buy sales which were to tenants of private registered provider owned social housing remained stable at an average of 27%. However, this has fallen to 18% of Right to Buy sales in 2023-24, possibly due to the closure of the Voluntary Right to Buy scheme.

Figure 2.1 Proportion of sales to tenants through the Right to Buy Schemes in England, by provider 1996-97 to 2023-24

At the peak of Right to Buy sales, in 1982-83, 167,123 dwellings were sold through the scheme, representing 3% of social housing stock at 31 December 1982 ^{[footnote 4]}. There have been various smaller peaks and troughs since then, reflecting various changes in policy relating to Right to Buy. In 1986, the rules changed to allow for higher discounts to tenants of flats and the minimum term for tenants to purchase their property was reduced from 5 years to 2 years. This led to a second peak in sales between 1988-89 and 1989-90 when over 130,000 dwellings (again representing 3% of stock at the time) were sold each year.

Figure 2.2 Sales to tenants through Right to Buy schemes per 1,000 stock, by provider 1980-81 to 2023-24

In 1999, the maximum discount was reduced from £50,000 to a regionalised maximum, ranging from £22,000 in the North East to £38,000 in London. This change was followed by an announcement that Right to Buy was due to be reduced which led to a sharp uptake from 1998 to 2004. Total Right to Buy sales in 2003-04 were 84,102, the highest since 1989-90. In 2003, the rules were changed which increased the minimum tenancy to 5 years to qualify for Right to Buy and decreased the discounts. This change, along with the global financial crisis, meant that between 2003-04 and 2009-10, annual sales through Right to Buy dropped from 84,102 to 3,144, a 96% reduction.

In April 2012, the government changed the maximum cash discount available for Right to Buy sales to a new higher level of £75,000 across England. In March 2013, in recognition of the increasing property prices in London, the government further increased the maximum discount available for tenants living in London boroughs to £100,000. In July 2014, the government changed the maximum cash discount available for the Right to Buy to increase annually in line with the Consumer Price Index (CPI) rate of inflation. The discount was £96,000 in England and £127,900 in London in 2023-24. This reinvigoration, along with the introduction of the Voluntary Right to Buy, increased sales through Right to Buy to 18,100 in 2016-17; more than a five-fold increase compared to 2009-10, but still a 78% decrease compared to 2003-04.

Since 2016-17, annual sales of social housing through the Right to Buy schemes have declined, from 18,100 in 2016-17 to 15,257 in 2019-20. There was a sharper decline in 2020-21 which was likely due to the restrictions introduced in response to the COVID-19 pandemic. Sales through the Right to Buy scheme increased to 14,001 in 2021-22, with a similar number (13,966) in 2022-23, although still at a lower level than in 2016-17. In 2023-24, sales through the Right to Buy scheme decreased again to 8,656, a 38% decrease compared to 2022-23, and the lowest number since 2012-13.

The majority of Right to Buy sales have been of local authority owned dwellings. Sales of local authority properties through Right to Buy in 2023-24 decreased by 37% compared to 2022-23. Sales of private registered provider-owned stock through Voluntary Right to Buy and Preserved Right to Buy in 2023-24 decreased by 43% compared with 2022-23, and remain 66% lower than the pre-pandemic sales in 2019-20. Preserved Right to Buy sales decreased from 2,774 to 1,541 from 2022-23 to 2023-24 (a decrease of 44%).

Figure 2.3 Sales to tenants through Right to Buy schemes per 1,000 stock, by provider 2002-03 to 2023-24

3. Right to Buy sales by region

The figure below shows the total number of Right to Buy sales to sitting tenants by region between 1980 and 2024. During the first 4 years of the Right to Buy scheme, which was introduced in 1980, the most sales were in the North West and West Midlands. When the scheme was changed to increase the discounts for flat sales in 1986, the number of sales in London and the South East reached a higher peak in sales than when the scheme first began. Until 2010-11, all Right to Buy sales recorded by region are only local authority sales; from 2011-12 onwards private registered provider sales are also included in the total.

Since reinvigoration in 2012, sales to sitting tenants increased in all regions of England, with the largest increase  seen in London.

Figure 2.4 Sales to sitting tenants through Right to Buy schemes, by English Region 1980-81 to 2023-24

In 2023-24 the percentage of stock (owned by both local authorities and private registered providers) sold to sitting tenants through Right to Buy schemes ranged from 0.08% in the South East to 0.40% in Yorkshire and the Humber. Both the East Midlands and Yorkshire and the Humber have seen higher sales to sitting tenants as a proportion of existing social housing stock in recent years.

Figure 2.5 Sales to sitting tenants through Right to Buy schemes as a percentage of total stock, by English Region 2008-09 to 2023-24

3.1 Sales to sitting tenants by region and provider

Historically, local authorities were the main provider of social housing across all English regions. However, transfers of stock from local authorities to private registered providers, including large scale voluntary transfers (LSVTs) ^{[footnote 5]}, have resulted in a shift in this balance of local authority and private registered provider owned social housing stock. Between 1988 and 2015 ^{[footnote 6]}, over 1.3 million social housing dwellings were transferred from local authorities to private registered providers as part of a total of 307 LSVTs. LSVTs were more prevalent in certain regions of the country, particularly in the North West where 85% of stock was owned by private registered providers by 2015.

Because of the regional distribution of LSVTs, between 2015-16 and 2023-24, 75% of Right to Buy sales in the North West were of private registered provider stock. By contrast, in Yorkshire and the Humber, where there were historically fewer LSVTs, the Right to Buy sales were predominantly (81%) local authority owned stock.

Figure 2.6 Sales to sitting tenants through Right to Buy schemes, by English region and provider 2011-12 to 2023-24

3.2 Right to Buy sales of flats

Right to Buy sales of flats by provider

Data on the percentage of Right to Buy sales of local authority and private registered provider stock which were flats is available from 1980-81 and 1996-97 onwards, respectively ^{[footnote 7]}. However, there is a gap of two years (1984-85 and 1985-86) for which there is no information. Since combined information for both local authorities and private registered providers is only available from 1996-97, this section will focus on that period.

In 2023-24, 33% of Right to Buy sales were of flats, the highest proportion on record. The percentage of Right to Buy sales that were flats increased steadily between 1996-97 and 2014-15 from 10% to 32%. This was followed by a decrease between 2015-16 and 2019-20 from 31% to 22%, before increasing again to 33% by 2023-24.

By provider, 18% of Right to Buy sales by private registered providers were flats in 2023-24. This is slightly higher than the 11% to 14% of the previous years, between 2015-16 and 2022-23. Generally, and despite some fluctuation in a few years, the proportion of Right to Buy sales by private registered providers which were flats has remained relatively constant at around 13% since 1996-97.

For local authorities, 37% of Right to Buy sales of local authority owned stock in 2023-24 were flats. Despite some fluctuations, this proportion increased from 1996-97 to 2014-15. After a fall in the subsequent years, it has been increasing again nearly year-on-year since 2019-20.

Figure 2.7 Percentage of Right to Buy sales that were flats, England 1996-97 to 2023-24

Local authority Right to Buy sales of flats by region

Data for the number of Right to Buy sales by local authorities is available continuously since 1986-87. The regional breakdown shows that London has been consistently and by far the region with the highest proportion of sales of flats under the Right to Buy scheme. In 2023-24, 80% of Right to Buy sales in London were flats, while the second highest proportion was in the South East, at 45%.

Figure 2.8 Percentage of local authority Right to Buy sales that were flats, by English region 1986-87 to 2023-24

There is no data on the number of flats owned by local authorities by region, and therefore it is not possible to adjust for the fact that some regions may see higher proportions of sales of flats because of the profile of existing stock. However, it is likely that regions with higher proportions of sales of flats also tend to have more flats owned by local authorities as a proportion of existing stock.

4. Right to Buy discounts

Financial data on Right to Buy discounts is available from 1998-99 onwards for local authorities and private registered providers.

In 2023-24, the average market value of properties sold through Right to Buy was £173,060 for local authorities and £156,060 for private registered providers, a decrease of 2% and an increase of 5% compared with 2022-23, respectively.

The average monetary discount for local authorities was £73,630 and for private registered providers was £84,050, increasing by 3% and 7% respectively.

In 2023-24, the average discount of a Right to Buy sale was 43% for local authorities and 54% for private registered providers. Between 1998-99 and 2011-12, the average discount reduced from 50% for both local authorities and private registered providers to 26% and 32% respectively. Following the reinvigoration of the Right to Buy scheme in 2012, which also impacted Preserved Right to Buy, the average discount increased to 45% and 50% in 2012-13 for local authorities and private registered providers respectively. Since 2012-13 the percentage discount has remained broadly stable.

Despite the percentage discount for private registered provider sales remaining higher than for local authority sales between 2012-13 and 2023-24, the value of the discount for local authority sales has remained similar to those for private registered providers. This is partly because of the fact that since 2012-13, London and the South East have accounted for 29% of all local authority Right to Buy sales, and these regions have higher property values than any other region in England.

5. Right to Buy applications

Data on applications by tenants to purchase their social housing through the Right to Buy scheme is only collected by local authorities. This data is now available by local authority since 1998-99. Data on Right to Buy applications is not available for private registered providers.

In 2023-24, there were 18,751 applications by local authority tenants to purchase their social housing property through Right to Buy, a decrease of 22% compared to 2022-23.

The graph below shows the number of local authority Right to Buy applications since 1998-99. It shows a high peak of 175,121 applications in 2002-03, before a rapid decrease until 2011-12, when there were only 8,938 applications. Following the reinvigoration of the Right to Buy scheme in 2012, the number of applications increased to 27,445 in 2012-13, peaking at just under 32,000 in 2015-16, before a gradual reduction since then. The number of sales each year between 2012-13 and 2023-24 is typically around 40-50% of the number of applications.

Figure 2.9 Local authority Right to Buy applications and sales, England 1998-99 to 2023-24

Of the 18,751 applications in 2023-24, 5,135 (27%) were in London and 13,616 (73%) were in the rest of England ^{[footnote 8]}.

The increase in the number of application after reinvigoration in 2012-13 has been driven by applications to local authorities in London, which peaked in 2013-14 at just over 11,500. Despite an initial post-pandemic recovery, the number of applications for Right to Buy in London is now at the lowest level since the 2012 reinvigoration of Right to Buy. Similarly, the number of overall Right to Buy applications to local authorities in 2023-24 was the lowest since reinvigoration.

Figure 2.10 Local authority Right to Buy applications, by English region, 1998-99 to 2023-24

6. Number of bedrooms in Right to Buy properties

Since data on bedroom numbers of local authority Right to Buy sales were first collected in 2012-13, 14% of these sales have been of 1 bedroom properties, 33% have had 2 bedrooms and 53% have been properties with 3 bedrooms or more. In this same time period, 5% of private registered provider sales through Right to Buy were 1 bedroom, 27% were 2 bedroom and 68% were 3 or more bedrooms. These proportions have remained broadly similar since 2012-13.

The chart below shows the breakdown of Right to Buy sales by the number of bedrooms by region for private registered provider and local authority sales ^{[footnote 9]}. The chart below shows that for all regions of England, private registered providers proportionally sell fewer 1 bed properties and more 3 or more bed properties than local authorities.

The chart also shows that for both local authorities and private registered providers, the proportion of 1 bedroom properties sold in London is considerably larger, and the proportion of 3 or more bedroom properties sold in London is considerably smaller, compared to all other regions.

Figure 2.11 Number of bedrooms in properties sold through Right to Buy schemes, by provider and English Region 2012-13 to 2023-24

The chart below shows the regional breakdown of Right to Buy sales by local authority and private registered provider per number of bedrooms. It shows that for local authority Right to Buy sales with three or more bedrooms, most of the sales are in the combined East Midlands and the West Midlands, reducing the share for properties with fewer bedrooms. By contrast London is the region with most of the one bedroom properties sales, with this proportion decreasing for larger properties.

For private registered provider sales, the North West has larger share than any other region for properties of all sizes. And for one bedroom properties, the contrast with local authorities is more noticeable, with a very small proportion of one bedroom properties sales in London.

Figure 2.12 Regional breakdown of the number of bedrooms in properties sold through Right to Buy schemes, by provider 2012-13 to 2023-24

The chart also shows that for private registered providers, the number of 1, 2 and 3 or more bedroom properties sold is proportionally similar across all regions of England except London, and the combined North East and Yorkshire and the Humber. The number of private registered provider Right to Buy sales of 2 and 3 or more bedroom properties sold is also proportionally similar in the North East and Yorkshire and the Humber, but is lower for sales of 1 bedroom properties. The proportion of private registered provider Right to Buy sales in London decreases as the number of bedrooms increases.

7. Right to Acquire

Tenants of social housing owned by private registered providers who do not have the Preserved Right to Buy may be able to purchase their property through the Right to Acquire. Right to Acquire offers a discount between £9,000 and £16,000 to tenants depending on the location of the property. Since its introduction in 1998, there have been 13,518 sales of social housing through the Right to Acquire recorded by Homes England. ^{[footnote 10]}

In 2023-24, there were 770 sales of social housing through Right to Acquire, a decrease of 54% compared to 2022-23.

Figure 2.13 Right to Acquire Sales in England, 1998-99 to 2023-24