Buying a plot of land may seem like a good investment but thousands of investors have lost their money through land banking schemes.
Last week I decided to write an article about land banking schemes – where you buy a plot of land in the hope that it gets planning permission – then, yesterday, I received an email from someone who had paid almost £20,000 for two plots of land. She has lost her money and – as things stand – may not get it back. The Financial Services Authority (FSA), says land banking companies have become much more active in the last year and are targeting those frustrated by low savings rates and stock market returns.
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