Re: subject

#89653
Anonymous
Participant

“Will admit though I thought selling off council properties, at a fraction of the price, to sitting tenants was NOT the best of ideas “.

There is no other way they could have been sold. Apart from lenders not willing to take them as collateral. The construction quality was poor, up keep & lack of maintenance, social problems etc. Who in their right minds would have paid an open market value for them ?. A friend of mine bought his flat in Finchley for around £16k, A year later he had to pay £22k to replace the double glazing etc. The works initiated by his Council. He had no say in it. If he wished to replace the same privately, he would have paid a fraction of the £22k. I am sure that as we are in UK, heavens !!! no brown envelopes were exchanged.

A large numbers who took their option sold them after the third year, to avoid any claw back on the price. This suited the BTL brigade as the properties offered good rental yields.