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Labour blasts property investment boss for exploiting vulnerable council tenants

A property spiv came under fire from Labour yesterday for exploiting vulnerable council tenants in a bid to pocket millions of pounds from the sale of public assets.

London Investment Property Group director Nicholas Carlino boasted to an undercover reporter that he would make so much money from flogging undervalued council houses sold under the ConDem government’s right-to-buy scheme he would “never have to work again.”

Mr Carlino explained to a Sunday Times journalist who had posed as a council tenant interested in the scheme that councils “always undervalue properties” and he could therefore immediately sell homes on — sometimes with a profit of hundreds of thousands of pounds.

His firm has targeted over 60,000 properties with a leaflet resembling a mocked up newspaper — promising a six-figure incentive for those who agree to work with him.

The scheme, which is completely legal, was slammed by Labour MP Chris Williamson and council housing chiefs.

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