Thursday, 12 June 2008

Dalston's towerblock deal is looking wobbly

There is more news this week of the crises hitting the major companies involved in the housebuilding industry. Its shareholders are losing confidence and there is worrying news that Barratt's share price has crashed. Following a deal between the Hackney Council and the Greater London Authority, Barratt has commenced building 550 towerblock flats for sale in Dalston. Although the precise terms of the deal with Barratt are the subject of commercial confidentiality, reports to Hackney Council's Cabinet indicated that Council taxpayers would take some of the financial risk on the project. With the slowdown in the housing market the prospect of the Council getting our money back appears to be diminishing.

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