Blunts Farm investors warned (From East London and West Essex Guardian Series)

Blunts Farm investors warned

9:20am Tuesday 22nd September 2009 in Search

INVESTORS hoping to make money from buying land for housing development on the Blunts Farm site in Theydon Bois are being warned that they could lose out.

Last month the Guardian reported that small plots on the site were being sold at prices starting from £11,500. They were being advertised as likely in the near future to win planning permission.

Epping Forest District Council has said that many obstacles remain in the path of planning permission on the site, which is green belt land.

A spokesman said: “There are examples all over the UK of such schemes where unsuspecting buyers have purchased plots of land believing that the value will increase significantly.

There is no example to date where planning permission has been granted for all or part of an area of land that has been divided into plots in this way.

“Purchasers are left with a piece of land with agricultural land value, and very little prospect of being able to sell it on or develop it.”