Tuesday, August 2, 2011
Buy a small worthless plot for stupid money
Investors have lost an estimated Â£200m after investing in plots of land that turned out to be worthless. The huge losses have prompted the Land Registry to warn the public about the risks involved in buying land forming part of a land-banking scheme. These are schemes where it is claimed that the plots of land have good investment value in the expectation of future development, but where there is little or no chance of land ever being developed. It has reprinted its guide, which now includes contact details for organisations that can recommend independent advisers to members of the public considering investing in a land-banking scheme.