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Eastern promise

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June 24 2009

Eastern promise
East Lothian Council is to spend an additional £100m over the next five years in order to provide 1000 affordable homes.

Currently the council is left with around 8,000 properties after 50% of its stock was sold under “Right to Buy” legislation and last year over 5,000 people were on the waiting list for a home against a turnover of only 300.

These figures, alongside a stated desire to stimulate the construction industry, prompted the council to open its coffer and will necessitate an increased borrowing requirement.

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