Every Flat in a New South London Development Has Been Sold to Foreign Investors

Andy Jones writing for Vice.com

When the Heygate Estate was demolished there were promises of social housing and a “community feel”, but it’s all fallen through.

…As the remaining home owners clung on until 2013, Southwark Council cut off heating and switched off the lifts, leaving tenants – council tax payers – stranded. Those residents who owned their own properties were served compulsory purchase notices for insultingly low sums. At that time, a local one bed flat could be bought for £300,000, yet Southwark Council offered just £80,000 for Orho Okorodudu’s Heygate flat. Another resident, Adrian Glasspool, a teacher, was offered £225,000 for his three-bed ground-floor maisonette. The equivalent on the new estate would set him back £1 million. He said, “Lendlease is estimated to make a £200 million profit from the expropriation of our homes. We have literally been sold out by our own council.”…

See article here.