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Bear Goggles

Right To Buy Back (At A Loss)

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Tory council spends £90m buying back the SAME council flats it sold off for a fraction of the price under Right to Buy

http://www.mirror.co.uk/news/ampp3d/tory-council-spends-90m-buying-5634579#ICID=sharebar_twitter

The kids at the Mirror have been trawling the land registry by the looks of things.

Land Registry documents show that in 1987 one flat in Fulmer House, Westminster was sold to a tenant for £11,700, a discount at the time of £27,300. The same property was bought back by Westminster Community Homes in 2011 for £260,500 – a loss on paper of £248,800.

I like the Tories' version of socialism, it's like a strange reverse market strategy where you use tax payers' money to sell low and buy high.

Pauline Kamli, 57, bought her flat in a third block with her husband in 1987 for £19,110, a discount at the time of £26,390. Twenty-two years later, she sold the flat back to Westminster Community Homes for £327,000 – an capital gain of £307,890.

Now all they need to do is to wait for a crash so they can sell them at a discount again.

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And they're desperate to buy all these housing association houses at the top of the market with taxpayers money .... when many of these houses were ex council houses sold at rock bottom prices.

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