The Labour Party, which had lurched to the left under Michael Foot, bitterly opposed the "right-to-buy" arguing that it would lead to a dangerous depletion in council housing stock.
They also feared it would spell the end of Labour's vision of a "cradle to grave" welfare state, as working class people embraced a more materialistic, Thatcherite way of life.
By the time Tony Blair came to power, in 1997, such rose-tinted notions were a thing of the past.
New Labour was an enthusiastic champion of the right to buy and home ownership in general, seeing it as its mission not to ensure affordable rents for working people but to help them get a foot on the property ladder.
Mr Blair and his chancellor, Gordon Brown, presided over an unprecedented boom in house prices, fuelled by cheap credit and a shortage of affordable rented accommodation.
The "right-to-buy" phenomenon had led, as some on the left had predicted, to a massive depletion in council housing stock - made worse by the refusal of successive governments to allow local authorities to spend the windfall they received from council house sales on building new ones.
The housing bubble was also fuelled by the "buy-to-let" phenomenon, as speculators bought up rundown former local authority housing as a source of income.
Council housing estates were fast becoming the accommodation of last resort for those left behind by society, as families on middle incomes sold up and moved out.