House of Lords written question – answered at on 23 January 2009.
Lord Stoddart of Swindon
Independent Labour
To ask Her Majesty's Government further to the Written Answer by Baroness Andrews on 18 December 2008 (WA 67), what is the economic case for selling existing social housing units at market value less discount and replacing them with units built at current market cost.
Baroness Andrews
Parliamentary Under-Secretary, Department for Communities and Local Government, Parliamentary Under-Secretary (Department for Communities and Local Government)
The value of the discount offered on sales of social dwellings is less than the cost of continuing to let those units at sub-market rents for the lifetime of the tenancies. Proceeds from sales are reinvested to supply new affordable housing units sooner than they would otherwise have become available. This reduces the cost of supporting households that would otherwise have been housed in temporary accommodation and the private rented sector (where rents and housing benefit payments are typically higher).
Yes3 people think so
No1 person thinks not
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