Government data reveals extent of council property “craze”
0Capital spending by councils on acquiring land and buildings rose 59% in the four quarters to September when compared to the previous period.
Data released by the Ministry of Housing, Communities and Local Government showed that councils spent £1.1bn on property during July to September.
This makes the total for the four quarters up to September £4.6bn, compared to £2.9bn during the four quarters to September 2017.
This year’s figure is also 130% up on the £2bn spent in the four quarters to September 2016.
Earlier this month, Martin Easton, head of capital and treasury at Birmingham City Council, described the rise in council property investment as a “craze”.
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