A 20% discount an a 1 bed flat valued at £400K is still out of most peoples reach. It might work for areas outside SE England.
I thought the idea of slapping down to the buy-to-let market is a much better way towards normalising property prices and maybe making existing properties affordable. If that will ever make a huge impact in SE1 is debatable though.
The Right to Buy point is not the most important aspect of the housing bill. Pay to Stay + the forced sell off of high value council housing is. The latter means that essentially all council housing in SE1 will be sold once vacant (meaning in SE1 there may never be council houses rented out again). The former helps to increase vacancies in order to speed up the sell off.
I know if or rather when I pop my clogs the two bedroom property I live in will be sold due to local authorities having to make up the deficit in right to buy discounts for people. Now I honestly believe that right to buy in Southwark despite discount will be far beyond any ordinary persons income.
Years ago there was a scheme where Southwark would pay a sum of money for people to move out and buy homes, that was stopped as being too expensive. Rather than pay to stay , for say sixty thousand I will move out! Then my old house can be sold for in excess of half a million. Of course that will deplete housing stock even more but if in ten years time they'll sell it when I die the same will apply.
Absolutely horrible. Only positive is that it tightens up/regulates rogue landlords in the private sector, but I suppose that's needed because there'll be no social housing stock left if/when the Bill receives assent.
There is so much wrong with the housing bill, it's clear that the Tories want to get rid of the remaining council housing. I think pay to stay is particularly evil, as people on fairly normal wages for London eg two people on £20k will have to pay a market rent. Everyone in London supports building more council housing, it really shows how out of touch MPs are if they don't get that. No wonder Sadiq Khan is ahead in the polls, despite his support for that stupid bridge.
The long-term effect of all this will be to push all the low-paid workers who service the rich to the periphery of the city. This replicates the Paris model, except that (as I understand it) they have at least retained social housing.