A council house that Leeds City Council had been forced to sell at a huge discount thanks to the Right To Buy scheme was sold on by its new owner after just SEVEN days, it has been revealed.
The home was &apos;flipped&apos; by a tenant of the council for £155,000 in June 2017.
The council is unable to reveal the price it was sold by them, but it is likely to be tens of thousands of pounds less.
Data about the rapid re-sale of council properties sold under the Right To Buy scheme, shows while this was one of the most extreme cases in the country, it&apos;s far from being the only one.
In Leeds alone, more than 50 council tenants have re-sold their home less than a year after buying it from the council.
A dozen have managed to do it within three months, one of whom made a £42,000 profit – a stunning £677 per day.
On average, those lucky enough to buy a heavily discounted property from the council, made £32,273 when they sold it on.
Tenants who sold within five years were technically liable to repay a portion of their discount to their council but it is not clear if this occurred.
Quite a high percentage of homes sold under right to buy are now in the private rented sector.
Roughly speaking, if a home is worth £100,000 it could be sold by Leeds City Council to its tenant for anything between £30,000 to a maximum of £75,000, depending on how long the tenant had lived there.
Leeds City Council only gets to keep 30 per cent of that - potentially just £9,000.
Last year the Ministry of Housing launched a review that will consider letting councils keep 100 per cent of the cash from sales.
The most extreme examples uncovered in an investigation by the BBC include four examples of council homes being sold on after just one day – one in south London for a £36,000 profit.
New data shows over the past 20 years there are some 160 cases of people in Leeds selling their council house on to the private sector within three years of buying it, and more than 1,800 cases overall.
Some will have purchased from the council with discounts on the market value of between 50 per cent and 70 per cent.
The news comes after LeedsLive revealed Leeds City Council had opted to buy back about 100 council homes that were bought under Right To Buy but then lost to mortgage firms after they failed to keep up with their payments.