News from Camden Labour

Camden Belsize Park council flats ‘flipped’ by developers

Camden council flats in desirable Belsize Park NW3, bought at auction by private developers earlier this year, have been ‘flipped’, for a potentially massive profit – Camden Labour can reveal.

Sold as part of Tory-Lib Dem Camden’s council house sales programme, a three flat home on the Russell Nurseries Estates in Aspern Grove only left council control at the start of last month, when it was snapped up at auction for £560,000.

Now just one of the flats is being marketed for buyers at the sum of £250,000 – a price the estate agent described on their website as “unbelievable” – allowing the buyer to make a substantial profit almost overnight.

This is despite the fact that there are 18,000 people on Camden’s waiting lists.

Camden Labour’s opposition finance spokesperson Theo Blackwell said:

“There were always real questions about property sell-offs because the housing market is so volatile but taxpayers will be gobsmacked by this. Camden Council presented someone, practically overnight, with the chance to make a sweet profit from our council housing stock.”

Other news from Camden Labour

• Camden's 'flipping' developers should shock local taxpayers - 1 March 2010
• Camden wins biggest boost to council housing - 14 September 2009
• Most GP's surgeries now open longer hours in Camden - 18 March 2009