It will be alright in
50 years time

Spelthorne Council's property
investment loans may exceed £1.5 billion, that’s a liability of about £37,500 per household.

The purpose of this massive investment is to deal with the “financial burden” due to central government cuts.
This kind of speculative investment is beginning to dwarf the main job of running the our council, and probably requires more staff to do so!
The purchases include the BP campus in Sunbury for £380 million, and others in Stockley Park, Hammersmith, Reading and Uxbridge.
The Council has taken out loans from the Public Works Loan Board (PWLB). These loans are of low interest and can be paid back over a period of 50 years.
This could mean that in 50 years time Spelthorne would be rich in real-estate. On the other hand will the buildings survive?
The reason given by the Council for wanting to knock down the Knowle Green leisure centre was that it’s not worth repairing and is “50 years old.”
In 50 years time, even if the property investments survive the vagaries of the markets and we don’t end up with negative equity; most of us will be long gone and those just in adulthood will be drawing their pensions!
The picture above is from the film “It’s a Wonderful Life.” The main character is George Bailey played by James Stewart.
When George’s father dies, George has to take over the family business, Baily Brothers’ Building and Loan. Eventually, George establishes Bailey Park, a housing development with small houses financed by the Building and Loan, so that people can own their own homes rather than paying rent to live in Henry Potter’s the richest man in town’s overpriced slums.
Through devious means Potter forces George’s company into a dire financial situation where George decides to commit suicide by jumping off a bridge. His guardian angel Clarence saves him. George tells Clarence that he wished he hadn’t been born. Clarence decides to grant him his wish and show George an alternative time line in which he never existed. His home town Bedford Falls is named Pottersville and is a less congenial place. Building and Loan closed down as George never took over.
George, now convinced that Clarence is really his guardian angel, runs back to the bridge and begs for his life back; the alternate timeline changes back to the original reality. The town’s people rally together and donate enough money to save George’s company. And the town remained a decent place to live in.
Are there any George Baileys on Spelthorne council who believe in really affordable homes for local people?
The luxury flats being built in Spelthorne are very nice, but with a starting price around £350.000 for a one bedroom apartment, even with the government “Help to Buy” scheme they are far too expensive for most local people looking to get onto the housing ladder.
On the front page of the Villager, Spelthorne Council announced the completion of three “affordable” two- bedroom homes. Of course all homes are affordable to those earning enough, but not to those on zero hours contracts and low incomes.
Spelthorne has become over developed with the highest population density in Surrey. little thought has been given to our over stretched services, ever increasing congestion on our roads and fewer available spaces for street parking.
Publicly owned available property, such as the Knowle Green council offices which the Council plan to turn the west wing into 24 flats, should be considered for renting to local people on low incomes at 20% below going rate — with a PWLB loan for the conversions!

Let's not turn Spelthorne into a Pottersville!