Outlaw the issuing of Buy-to-Let mortgages on Right-to-Buy properties
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The ongoing property crisis in the UK is driven by a lack of affordable housing and rental solutions which allow people to save for a deposit to purchase their own home. The Right-to-Buy concept was created to create a nation of homeowners, but has now been corrupted and brutally abused in order for private landlords to profit from the unfortunate situation of council tenants at ever increasing cost to the tax payers.
These properties have been sold off in huge numbers and rented back to council tenants at massively inflated costs. Coupled with the lack of investment from local councils in newer and better quality social housing, there are less and less options for those on low incomes. The ever increasing rents drive up the property values and only serves to increase the profits in private hands at the expense of the local authorities funded by the tax payer.
If the issuing of buy-to-let mortgages was outlawed on ex-local authority properties it would greatly decrease the number passing to private investors after being purchased under Right-to-Buy and lower the cost of the properties as they would no longer appear to be lucrative investment prospects. If these homes were no longer viewed as an investment they would return to their initial, intended purpose, as homes.
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