A council house worth at least £750,000 has been squatted, despite warnings to Lambeth Council it was at risk.

The four storey property in Farquhar Road, with at least six bedrooms, was invaded on Tuesday night by “professional” squatters, who brought furniture and belongings in a removals van.

Residents and local councillors had warned Lambeth Living, Lambeth’s housing manager, the property was at risk after an illegal rave there in March.

But Lambeth Living said the property - that had been empty for nine months and was boarded up with metal grates – was secure.

One Farquhar Road resident, who did not want to be named, said: “It makes us angry and frustrated. We warned this was going to happen but it seems our concerns fell on deaf ears.”

Conservative councillor Clare Whelan said: “It’s not good enough that an expensive property like this is just left like this for squatters to come in.”

She said renovations should have taken place on the property long ago to allow it to be used for council tenants, or it should have been sold to free up cash to bring other homes back into use.

A lengthy and costly process of eviction will now take place while some 17,000 residents desperate for a home remain on the council’s social housing waiting list.

A Lambeth Living spokesperson said: "A notice has already been served on these squatters advising them that if they do not leave, then legal action will be taken to remove them. We do not tolerate squatters in our properties and always take action to remove them.

“This property has been earmarked for auction with the money raised from its sale being used to refurbish a minimum of three further properties that can be allocated to families on the housing waiting list.”

Lambeth’s housing service is one of the worst in London at preventing squatting, and has one of the highest proportions of empty council homes. A shocking 100 properties were squatted in 2009, compared with just four in Camden.