Distributional effects of the Right to Buy Scheme

The Right to Buy Scheme was introduced by Mrs.Thatcher in 1980 and was designed to get council house tenants on the housing ladder. I should know: my grandparents bought their house this way.

However, there's an argument that the distributional consequences of the scheme are grossly unfair, and helping exclude young people from the housing market, as older home-owners have been able to snap up the most desirable social housing and make significant profits as a result. This BBC News article provides the context.

Is it time for this scheme to stop? And factor in the effect of quantitative easing on asset prices - including house prices - and you can see how it is so difficult to get on the housing ladder.