Waltham Forest Council made more than £41 million selling its social housing stock without building a single new home for three years.

Figures obtained under a freedom of information request show that between the 2014/15 and 2016/17 financial years, the local authority sold off 312 council homes.

Despite raking in £41,152,952 from the sales, the council built no new homes to replace properties lost.

The authority says it has already finished work to construct 11 new homes since April and claims it has plans to build up to 500 properties in the coming years to bolster its housing stock.

A council spokesman said: “We are undergoing a substantial new build programme using money raised from Right to Buy sales.

“Since April 2017 we have completed 11 new council homes where tenants have already moved in, with another 32 due by March 2018.

“This is the first tranche of a potential 500 new developments in the next few years that will be a mix of affordable and market rents.’’

The information requests, made by the Liberal Democrats, found 72 councils from across the UK have sold off more than 12,000 homes while building just 4,300, pocketing close to £1 billion in the process.

Of those properties, 12 were sold for more than £1 million each.

The government expanded the “Right to Buy” scheme, which offers council tenants incentives to purchase their homes, in 2011.

At the time, then-housing minister Grant Shapps pledged every council home sold would be replaced on a “one-for-one basis”.

Lib Dem leader, Tim Farron, said: “Council housing used to mean a decent home for all, now it means years on a waiting list and council houses being flogged off for over a million.

“Thousands of council houses are being sold off by the Tories never to be replaced. This is devastating our social housing stock and robbing many families of a safety net.

“Councils must be given the powers and cash to make sure every council house is sold is replaced.”