Camden council flats in desirable Belsize Park NW3, bought at auction by private developers earlier this year, have been ‘flipped’, for a potentially massive profit – Camden Labour can reveal.

Sold as part of Tory-Lib Dem Camden’s council house sales programme, a three flat home on the Russell Nurseries Estates in Aspern Grove only left council control at the start of last month, when it was snapped up at auction for £560,000.

Now just one of the flats is being marketed for buyers at the sum of £250,000 – a price the estate agent described on their website as “unbelievable” – allowing the buyer to make a substantial profit almost overnight.

This is despite the fact that there are 18,000 people on Camden’s waiting lists.