Should councils sell off their best homes to build cheaper ones?
A think tank has suggested councils should sell off their most expensive homes and reinvest that cash into building cheaper ones.
Councils should flog off their most expensive homes and use that money to build cheaper ones. At least, that’s the latest idea from the think tank Policy Exchange.
According to Policy Exchange’s calculations, more than 20% of social properties are valued above the regional median, with a total value of £159 billion.
By selling the top end properties when they become vacant, councils would raise £4.5 billion each year which could be used to build as many as 170,000 social homes a year.
The definition of an ‘expensive’ property varies on a regional basis. So an expensive house in the south east will be more costly than one in the north west.
The idea has already won favour from the Government’s Housing Minister Grant Shapps. However critics have suggested it will lead to a form of social cleansing.
You can read the full report here.
What do you think? Is this a good idea? Or will it push poorer people out of more attractive streets, possibly creating ghettos?