Councils have to publish details of the value of social housing stock that's held in their Housing Revenue Account.
Details are to be published using the value bands and postal sector:
- total number of homes
- the aggregate value and mean value of the dwellings. This is for both existing use value (social housing) and market value.
- number of homes that are vacant and that are tenanted.
Details to be published at a general level:
- showing the gap between tenanted sale value of homes within the Housing Revenue Account and the market sale value.
- an assurance that these detail aren't intended to suggest that tenancies should end to realise the market value of properties.
The vacant possession value of dwellings within the Housing Revenue Account as at 1 April 2014 is £1.259 billion (1 April 2013 value: £1.293 billion). To arrive at the balance sheet value of dwellings, the vacant possession value is reduced. This is to reflect the fact that there are sitting tenants enjoying sub market rents and tenants’ rights. This includes the right to buy. The adjustment factor (31%) measures the difference between market rents and sub market rents. It shows the overall cost to central government of selling council housing at less than market rents.