Birmingham City Council is facing a "financial crisis", necessitating the sale of £1.25bn worth of assets to repay a government bailout loan. Among the assets to be sold are flats originally built for the 2022 Commonwealth Games Athletes' Village, now being offered to private investors. This move has raised concerns among potential homebuyers about their ability to enter the market. Council Leader John Cotton described the decision as "really difficult decisions to take." The sale includes the Perry Barr homes scheme, a central part of Birmingham's Commonwealth Games legacy. The council's financial management has been criticized by Conservative opposition leader Robert Alden, who attributed the crisis to the "incompetency" of the Labour-run council's administration.
Birmingham’s Labour-run council has been slammed by Conservative opposition leader Robert Alden for leading itself into a “financial crisis”. “They’re unable to balance the books with the incompetency of their own administration.” @iancollinsuk https://t.co/kz9KOP4Zqx
Homebuyers' fears over Athletes' Village sell-off https://t.co/D0hwN9fXNQ
The Perry Barr homes scheme at the centre of Birmingham's Commonwealth Games legacy is to be sold off as it is to the highest bidder https://t.co/zPbkvb9QLv
Council's flagship Perry Barr 'athletes' village' homes scheme up for sale to highest bidder https://t.co/wT8EcZgKSI
Flats originally built as the 2022 Commonwealth Games Athletes' Village are to be sold off by Birmingham City Council to private investors, throwing into doubt the public's ability to enter the market and achieve owner-occupier status. https://t.co/r4H2qD8R9f
Birmingham City Council must sell off £1.25bn of assets to repay a government bailout loan. https://t.co/NuLQWLByoq
Council Leader John Cotton said they were "really difficult decisions to take" #birmingham Full story - https://t.co/mZcSEy4TEg https://t.co/Mu8WjoZ41j