Millions of pounds more set to be invested in hundreds of new homes in Stoke-on-Trent

Stoke-on-Trent City Council could soon reinvest millions of pounds from the sale of council homes into building and acquiring new, high quality affordable homes.

The city council’s cabinet is set to approve the decision to retain over £3.6 million in Right to Buy receipts generated from the sale of 132 council homes. This would take the total funding available for 2024/25 to more than £17 million.

Since September 2012, the city council has had an agreement with the government to retain 100 per cent of income generated from the sales of council houses through the Right to Buy scheme on the condition that it uses the money to fund new, affordable homes.

The money - known as Right to Buy receipts, or 1-4-1 receipts - provide a vital opportunity to support new housing developments and contribute to both local and national housing targets.

Part of the funding will be used to develop land off Wellfield Road in Bentilee and Booth Street in Stoke as well as acquire houses on the upcoming development at the former Edensor High School site, Longton. Between them, these could provide around 250 new homes for local residents, helping to meet demand and support the city’s growing population.

The decision will also help with the number of people on the city’s housing waiting list, which has increased by more than 40 per cent in the last 12 months - and now has more than 3,000 people on it, many who are in the highest need categories.

It comes just weeks after the council unveiled its housing development pipeline to help meet the government’s national target of delivering 1.5 million new homes a year. The programme will see the authority work with Homes England, developers and landowners to deliver 4,857 houses across 23 sites in the city.

Councillor Chris Robinson, cabinet member for housing, planning and governance at Stoke-on-Trent City Council, said: “The retention of the Right to Buy receipts generated through the sale of council homes presents a real opportunity for us to reinvest them into providing new affordable homes for the city - which will help to meet our local housing target.

“It allows us to reinvest in high quality housing stock, which can then be made available to residents in great need at affordable rents, therefore reducing hardship and making inroads into the housing waiting list.

“It is another benefit of the Right to Buy Scheme, which is giving many more residents the opportunity to become homeowners – at a discount rate for tenants who’ve lived in their homes for a number of years.”