Investors 'grab cheap homes for big profits'

What we all know and the Council denies:

"Affordable homes in new city developments are being snapped up by property investors for huge profits, it was claimed today. Houses in Wester Hailes have reportedly been purchased at knock-down prices by first-time buyers who can then sell them on for more than double the original cost.

In Morvenside in Wester Hailes, it is understood that two-bedroom houses recently purchased for just £39,000 sold for close to £100,000 only a few months later. And one of the city’s leading property experts today said that affordable housing schemes were open to abuse if proper safeguards are not put in place.

Simon Fairclough, marketing director of the Edinburgh Solicitors’ Property Centre, said: "The devil is in the detail of affordable housing schemes. For the idea to work properly it is essential some kind of covenant is drawn up, which safeguards the community."

Of course, the Cooncil know this is a bad story so Spokeswoman is again forced into action:

A city council spokeswoman said no profit-making schemes had been detected by the local authority, but she said councillors would be "very concerned" if it was brought to their attention.

Right, it has been brought to your attention, what the hell are you going to do about it? Don't we have an elected representative (slimeball) to comment on housing issues?

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