The transfers freed councils from the costs of maintaining houses

In its latest report, the Commons public accounts committee blames a complex calculation of how much the new social landlords should pay for the housing stock.

By transferring around 750,000 councils saved on maintenance costs which should have cancelled out the loss of a substantial asset.

But according committee chairman Edward Leigh said: "The additional cost of renovating social housing through transfer, rather than retention by local authorities, is at least �1,300 per home.

"The extra bill for the taxpayer amounts to billions of pounds.

"Transfers have led to improved homes but in the light of the options now available, and doubt about whether the wider benefits for tenants have been achieved, I question whether these transfers really represent the best value for the public purse."