Council Houses Sold At 70% Under Their Market Value

Council houses have been sold off at valuations up to seven years out of date and at discounts bigger than those ever envisaged by Margaret Thatcher. Despite a deepening shortage of affordable housing, town halls have sold off more than 130,000 homes in the last decade at discounts of up to 70% of their market value. The price cuts have amounted to almost £4bn. Between 2012 and 2014, the London Borough of Tower Hamlets sold off more than 50 homes using valuations two or more years out of date, costing the public purse thousands of pounds on each transaction, according to data released under the Freedom of Information Act.  Including discount, the borough sold a one-bedroom flat for £42,000 when it was valued at £142,000. Read more on the Guardian website.