This paper explores and analyzes the privatization of the public housing sector in the United Kingdom. In doing so, it argues that the sale of state‐owned dwellings has been one of the most significant achievements of the Thatcher administrations. While share issues in state enterprises, such as British Telecom or British Gas, have attracted widespread academic attention, it is the reshaping of the housing sector which has had major social, spatial, and fiscal impacts. Within the welfare state, public housing has, so far, borne the brunt of privatization.