The findings show that discounted sales generated £62 billion in receipts, making Right to Buy arguably the UK’s largest privatisation programme. However, much of this funding was not reinvested in replacement homes, contributing to a lasting reduction in social housing supply.

Since 1981, the proportion of UK households living in social housing has almost halved, falling from 31% to 17%, while the total number of social homes has dropped from 6.8 million homes to 5.2 million despite ongoing housebuilding efforts.

Most sales involved council homes, and council housing has not received direct subsidy since 2007, further constraining the ability of local authorities to replace lost stock.

Growing pressure on the private rented sector

The Review highlights how the long-term loss of social housing has pushed many lower-income households into the private rented sector, where rents now stand at their highest ever level as a share of earnings (36.1%).

Around 40% of homes sold through Right to Buy are now privately rented, often at significantly higher rents than social housing levels. This shift has contributed to increased government spending on housing benefit and left many households in less secure and, on average, poorer-quality accommodation.

As noted in the Review, the current system of housing support is now “simultaneously expensive and inadequate,” with some low-income households in England unable to access social housing because they cannot meet affordability requirements - an indication that the safety net is no longer reliably reaching those most in need.

Policy differences across the UK

Right to Buy ended in Scotland in 2016 and Wales in 2019, while sales continue in England (with reduced discounts) and through the housing sales scheme in Northern Ireland.

The Review finds that Scotland’s earlier policy change and comparatively strong social housing completions have helped preserve stock levels, with lettings to new social tenants falling by only 3% there since 2014/15.

By contrast, England, Wales and Northern Ireland have seen around a quarter fewer lettings over the same period - a decline linked to reduced turnover, stock losses and insufficient new supply.

Impact on homelessness and future supply

The slowdown in social lettings is identified as one of the factors behind rising homelessness pressures, as fewer homes are available for people in housing need.

The Review notes that recent UK government restrictions on Right to Buy may help reduce further losses of social rented homes and protect rental income streams. While this could eventually mean fewer sales receipts, the changes should also encourage councils to build new homes, particularly now that receipts can be combined with grant funding.

Rachael Williamson, director of policy, communications and external affairs at the Chartered Institute of Housing, said: “Right to Buy transformed home ownership opportunities for millions, but this new analysis shows the lasting consequences for the availability of social housing today.

“With demand rising and homelessness pressures growing, rebuilding social housing supply must remain a priority for housing policy across the UK. Ensuring councils and housing associations can replace and expand affordable homes is critical to restoring a housing system that works for everyone.”

The Review is the primary source of Right to Buy analysis, which comes with 200 charts and tables included, in the publication containing the most important and up-to-date housing statistics available for the UK, Wales, Scotland and Northern Ireland, including English regional data. With international tables comparing the UK with selected countries in the EU and elsewhere.

In addition, commentary chapters in this year’s Review include analysis of trends in the economy, in UK housing markets and in meeting housing needs, housing provision and public expenditure on housing, current government investment plans, homelessness and government help with housing costs.

Contemporary Issues covered this year include an assessment of the role of for-profit housing providers, a review of the part played by housing in sustaining a healthy population and examination of the planned new towns programme in England.

The Review was published on Thursday 26 March and has been unlocked as a free resource to download.