The highest number of council owned homes have been sold in Barking and Dagenham, where Right to Buy sales total 1,883 over the last decade, research from agent Benham and Reeves has found.
Greenwich has also seen a similar number sold at 1,867, followed by Newham (1,716), Southwark (1,702) and Tower Hamlets (1,187).
London’s current Mayor Sadiq Khan is looking to reverse this trend, urging private landlords to sell ex-council properties back, rather than to other investors.
Since 2012-13 23,061 council homes have been sold to tenants by their respective local councils, which have a total market value of £3.4bn.
Marc von Grundherr, director of Benham and Reeves, said: “Right to Buy may have been an incredibly successful initiative when it comes to giving council tenants the ability to climb the ladder and many have seized the opportunity to do so in the last ten years.
“Of course, in doing so these local authorities have essentially shot themselves in the foot, as it severely reduces the social housing stock available to them to satisfy the huge demand from those who are still in desperate need of it. The irony is, that it then costs these councils more, as they need to rely on renting from the private sector at a higher price to house those in need.
“As a result, we’ve now seen some councils start to reverse this trend and reclaim formerly council owned homes from their owners. Which does beg the question that, having made some quite sizeable sums from selling in the first place, why London’s local authorities haven’t invested appropriately in the provision of new homes for council tenants?”
When it comes to the highest sold value, it’s the London Borough of Southwark that sits top.
Right to Buy sales have generated 3254.5m since 2012, with Greenwich (£223.5m), Barking and Dagenham (£222.3m) and Newham (£201.7m) again making the top five.
Islington also ranks as one of the boroughs to see the highest sold value of Right to Buy homes to council tenants, generating £198m since 2012.