News from Camden Labour

Camden’s ‘flipping’ developers should shock local taxpayers

Private property developers in Camden are making hundreds of thousands of pounds in profit by buying auctioned council homes and then ‘flipping’ them (re-selling quickly) on the open market.

Camden’s ruling Lib Dems and Tories have pursued an aggressive policy of council house sell offs despite last year’s concerns that property developers making a quick buck at the expense of homeless families and the taxpayer.

Camden Labour has reaffirmed its commitment to stopping the sell-off of desperately needed local housing, and concentrate on raising needed housing repairs money by commercial property disposals instead.

Finance spokesperson, Cllr. Theo Blackwell said: “‘Flipping’ of former council homes to make hundreds of thousands of pounds for private developers’ pockets will shock Camden’s taxpayers. It’s also a daily tragedy for the thousands of local families that languish on the growing housing waiting list. The choice at the next election is between Lib Dem/Tory support for sell-offs and Camden Labour’s promise to immediately halt privatisation of desperately needed housing.”

Other news from Camden Labour

• Camden wins biggest boost to council housing - 14 September 2009
• Camden Belsize Park council flats 'flipped' by developers - 1 September 2009
• Most GP's surgeries now open longer hours in Camden - 18 March 2009