House values go up 29 million %

[Dr Kenneth Noisewater 0]

Seven years on, 50p homes worth £150k

By Daniel Thomson, The Journal

 

Families who bought homes for 50p seven years ago in a bid to regenerate a riot torn area of Newcastle are selling them for £145,000, it emerged yesterday.

 

The first of the 50p homeowners to move from Hampstead Road, North Benwell, made the handsome profit after discovering the value of his property had increased by 29 million per cent since the council sold the houses in 1999.

 

Hundreds of people originally applied to own one of the turn-of-the-century flats, which were put up for sale to attract families to an area plagued by crime, unemployment and vandalism.

 

Successful applicants were asked to buy two of the flats and had to invest £12,000 to convert them into a family home, but received a £26,000 grant from the council.

 

 

Waiter Salik Uddin, 22, and his family are now leaving for Teesside, with a £144,999.50 profit to see them on their way.

 

Mr Uddin said: "I can't wait to get out. We're moving to Middlesbrough, to an area that's really posh.

 

"I've never lived anywhere like it. Our house here cost 50p. I can't believe what it is worth now."

 

But neighbour and father-of-four Mohammed Naeem, 41, another of those lucky enough to buy a house on the street once called Britain's cheapest, said yesterday he had no plans to sell, even though the property was recently valued at £150,000.

 

The restaurant manager said: "Where else would I find a house this big? It is perfect for my family and is a really good investment for the future."

 

When Mr Naeem bought the flats they had been boarded up for years. He spent thousands to turn them into a three-storey home with five bedrooms, a large lounge, dining room and spacious bathroom.

 

He said: "My friends told me not to move to Benwell even for 50p as it had a terrible reputation, but look how much it is worth now."

 

When North Benwell Housing Association offered the houses for sale, the neighbourhood was among Britain's most deprived areas following rioting in 1991.

 

But Mr Naeem, who lives with his wife Yaqoob, 32, and their children, Hamaza, 11, nine-year-old Haleema, six-year-old Haris, and year-old Haira, said it has been a great place to raise his family.

 

He said: "We've no plans to sell. We're very happy here."

 

Next door neighbour Sahina Begum, 30, a family support worker and mother-of-three, who has a seven-bedroom home, said: "The area has changed a lot.

 

"There is less racism and crime and it is a much nicer place to live.

 

"I have three boys, so having so much space is great. I was a bit surprised to find how much the house is now worth, but it wouldn't make me sell."

 

---------------------------------------------------------

 

Sell-off plan was to lift the blight after riots

 

Council bosses were overwhelmed with offers when they placed 10 derelict flats on the market at 50p each seven years ago.

 

The homes on Hampstead Road, North Benwell, Newcastle, had been abandoned for four years when they were sold off to encourage young families to move to the area.

 

The council's North Benwell Housing Organisation hoped the move would help regenerate the neighbourhood.

 

North Benwell had been flooded with hundreds of anti-social tenants in the late 1980s and early 1990s, causing high levels of crime, unemployment and vandalism, which culminated in riots in 1991.

 

As a condition of the sale, housing bosses requested buyers each invest £12,000 into improving the property and only sold the homes to families.

 

Owners were also eligible to receive a £26,000 grant for further refurbishment and this led to the dilapidated flats being transformed.

[Radgina 1]

Seven years on, 50p homes worth £150k

By Daniel Thomson, The Journal

 

Families who bought homes for 50p seven years ago in a bid to regenerate a riot torn area of Newcastle are selling them for £145,000, it emerged yesterday.

 

The first of the 50p homeowners to move from Hampstead Road, North Benwell, made the handsome profit after discovering the value of his property had increased by 29 million per cent since the council sold the houses in 1999.

 

Hundreds of people originally applied to own one of the turn-of-the-century flats, which were put up for sale to attract families to an area plagued by crime, unemployment and vandalism.

 

Successful applicants were asked to buy two of the flats and had to invest £12,000 to convert them into a family home, but received a £26,000 grant from the council.

 

 

Waiter Salik Uddin, 22, and his family are now leaving for Teesside, with a £144,999.50 profit to see them on their way.

 

Mr Uddin said: "I can't wait to get out. We're moving to Middlesbrough, to an area that's really posh.

 

"I've never lived anywhere like it. Our house here cost 50p. I can't believe what it is worth now."

 

But neighbour and father-of-four Mohammed Naeem, 41, another of those lucky enough to buy a house on the street once called Britain's cheapest, said yesterday he had no plans to sell, even though the property was recently valued at £150,000.

 

The restaurant manager said: "Where else would I find a house this big? It is perfect for my family and is a really good investment for the future."

 

When Mr Naeem bought the flats they had been boarded up for years. He spent thousands to turn them into a three-storey home with five bedrooms, a large lounge, dining room and spacious bathroom.

 

He said: "My friends told me not to move to Benwell even for 50p as it had a terrible reputation, but look how much it is worth now."

 

When North Benwell Housing Association offered the houses for sale, the neighbourhood was among Britain's most deprived areas following rioting in 1991.

 

But Mr Naeem, who lives with his wife Yaqoob, 32, and their children, Hamaza, 11, nine-year-old Haleema, six-year-old Haris, and year-old Haira, said it has been a great place to raise his family.

 

He said: "We've no plans to sell. We're very happy here."

 

Next door neighbour Sahina Begum, 30, a family support worker and mother-of-three, who has a seven-bedroom home, said: "The area has changed a lot.

 

"There is less racism and crime and it is a much nicer place to live.

 

"I have three boys, so having so much space is great. I was a bit surprised to find how much the house is now worth, but it wouldn't make me sell."

 

---------------------------------------------------------

 

Sell-off plan was to lift the blight after riots

 

Council bosses were overwhelmed with offers when they placed 10 derelict flats on the market at 50p each seven years ago.

 

The homes on Hampstead Road, North Benwell, Newcastle, had been abandoned for four years when they were sold off to encourage young families to move to the area.

 

The council's North Benwell Housing Organisation hoped the move would help regenerate the neighbourhood.

 

North Benwell had been flooded with hundreds of anti-social tenants in the late 1980s and early 1990s, causing high levels of crime, unemployment and vandalism, which culminated in riots in 1991.

 

As a condition of the sale, housing bosses requested buyers each invest £12,000 into improving the property and only sold the homes to families.

 

Owners were also eligible to receive a £26,000 grant for further refurbishment and this led to the dilapidated flats being transformed.

 

some good old Geordie/British names in that little lot

[Ally 0]

Good lad moving to Boro.

[Guest alex]

Fucking hell, wonder what my house is worth now. Although, if I sell up, I'm not moving to Teeside.

[Dr Kenneth Noisewater 0]

Fucking hell, wonder what my house is worth now. Although, if I sell up, I'm not moving to Teeside.

What about Teesside?

[Guest alex]

Fucking hell, wonder what my house is worth now. Although, if I sell up, I'm not moving to Teeside.

What about Teesside?

Not moving there either.