Labour call for inquiry into £500,000 loss on Bayswater council house sale

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Labour call for inquiry into £500,000 loss on Bayswater council house sale

By Westminster Labour ⋅ November 20, 2010 ⋅ Post a comment
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Labour Councillors have called on Westminster City Council’s Chief Executive, Mike More, to mount a full-scale investigation in to why the Council sold a Grade II listed house in Monmouth Road, Bayswater, which has been vacant for over 2 years, for £1.95 million in June 2010 and which is now back on the market for £2.6 million with an offer in for around £2.4 million, despite no work being done on the property. Labour Councillors say that they want to know why the Council insisted on a 14 day completion period for the sale, a move which ruled out a number of bidders who had made substantially higher offers and which has cost the Council around £500,000. The Council sold the house to Lytton Grove Properties Limited.

Councillor Paul Dimoldenberg, Leader of the Labour Group, said: “The decision to sell this substantial property for £500,000 less than it is worth is a scandal and we have called for an inquiry into why the Council insisted on a 14 day completion period which ruled higher bidders. It is crazy that, after leaving this house vacant for over 2 years, the Council insisted on a quick sale which has ultimately cost Council Tax payers around £500,000.

“Westminster Council has an unfortunate habit of losing millions of pounds of public money, with £17 million invested in now-failed Icelandic Banks and £20 million less in parking income than was in the budget. Losing public money is a habit that Westminster Conservative don’t seem to be able to kick.”

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