Local councils risk taxpayer cash on ‘rubbish’ property investments

Councils are still spending more than £100m a month betting on the commercial property market despite guidelines limiting the practice as fears grow of a collapse in prices.

Local authorities have spent £1.8bn in the last year buying retail centres, shops and offices, chasing returns to replace revenue lost in government cuts.

They have spent more than £3bn since 2013 and some have spent huge multiples of their annual income.

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