The Department for Communities and Local Government released figures today that show official statistics of dwellings sold under Right to Buy schemes across England.
Figures show that throughout 2012/2013 sales of dwellings by Local Authorities under the Right to Buy scheme has increased considerably from 444 in quarter 1 to over 2,000 in quarter 3, a staggering 352% increase in less than 12 months.
Of course, with the increase in sales comes an increase in revenue. Q1 saw Local Authorities receive around £24 million, Q2’s receipts were £61 million and Q3 saw revenue of £125 million.
This increase indicates a sector that is growing, at least while Local Authorities are trying to balance their books — is this an opportunity for conveyancers? Can conveyancers capitalise on what is clearly an increase in the number of potential purchasers out there?
If your firm deals primarily with Right to Buy purchases have you seen this increase?
The figures, which only relate to Local Authority sales under the Right to Buy scheme and exclude registered provider sales under preserved Right to Buy, whilst published should only considered provisional at this stage and an update is due sometime in May.
