Ex-council Tenants Profit Over £200K Selling Homes Back to Councils | AI News Digest
Recent investigations have revealed a concerning trend in the UK's housing market, where former council tenants are reaping substantial profits by selling their homes back to local councils at significantly inflated prices. Dubbed "Yo-yo Homes," these properties often return to local authorities for sums that far exceed their original sale prices under the Right to Buy scheme. A notable example includes a Swindon home that was purchased for £30,000 but later resold to the council for £150,000, yielding a hefty profit for the seller. This situation places financial pressure on councils, which are increasingly forced to buy back homes to mitigate a rising homelessness crisis, despite facing considerable losses. Experts and local leaders are advocating for reforms to the Right to Buy policy, stressing the urgent need for sustainable strategies to tackle the ongoing housing crisis.
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