Brick by Brick’s gamble with millions of pounds of council-owned land and tax-payers’ money is looking like an increasingly risky punt, as estate agents and the construction industry are reporting down-turns in the housing market.
Hard times: estate agents have started to make losses, even in the London housing market
Of course, if Croydon’s Labour-run council was using public money and property to build mainly social housing, council homes for rent, such market fluctuations would be irrelevant. However, Croydon has opted to try to use public funds to build more than 600 of its first 1,000 properties to sell for profit on the private market.
Today, the Architect’s Journal – required reading for Paul Scott, the chair of the council’s planning committee when he is in his office at TP Bennett in central London – is reporting that the construction industry is likely to contract by 6 per cent by…
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