Sunday, 25 March 2007

Don't bank on land

The BBC's Politics Show, South East region, ran an excellent story today on the dangers of so-called "Land Banking". Basically people are buying greenfields which they are told are going to be developed for housing and make a massive return (some are told up to 400%) on their investment.

One such greenfield is near Eccles where the Politics Show discovered that it is currently owned by people in four different continents and that it was being marketed on the Internet as a prime development location. Conservative Councillor for Eccles, Dave Davis points out on the programme that under the current Local Development Framework, this piece of land shall remain undeveloped until at least 2025, which should be quite worrying for those investors expecting any kind of return soon.

The transcript of the programme featuring Cllr Davis can be found HERE.

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