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EssKay

"charity" Cashing In On London Property Portfolio

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This pretty much sums up everything that is wrong with the London property market and lack of protection for tenants.

A local London "charity" is cashing in on it's portfolio of properties in Walthamstow to a very shady sounding developer who are basically going to flip the properties for a quick buck and turf out the residents - bankrolled by state owned Natwest

Guardian article here:

http://www.theguardian.com/commentisfree/2016/apr/20/charity-housing-crisis-gentrification-walthamstow-glasspool-trust-natwest-private-developer

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Digging a bit further into this - apparently the 63 properties involved were all bequeathed to the charity by a single donor with the aim of "alleviating poverty".

In 2013/14 (the last period for which accounts are available), the charity spent approx. 612k in various admin costs making total grants of 1.2m - wtf

The donor must be turning in his grave..

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Where's the problem? A change of ownership doesn't cause the houses to vanish from the face of the earth, or even of London. You appear to be making the same argument as those benevolent landlords who so generously devote their time and money to housing us.

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It's not so much the properties changing hands but the circumstances surrounding it.

They are being sold at less than their market value to a developer who has stated their sole aim is to flip them at inflated prices to make a quick buck. Speculative transactions like this are a large part of why the London property market is as inflated as it is.

I also have a problem with the seemingly callous way that the charity involved is happy to turf out the residents of an entire estate.

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Pull the other one. It hath got knobs on.

Well - the charity seems to have sold 63 properties (most/all of them houses) for about £16m - so averaging £254k each. Where in E17 can you buy a house for 254k? Seems pretty cheap to me.

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