On Wednesday evening Channel 5 explored the winners and losers of the Right to Buy property scheme in London in brand new documentary, My Million Pound Council House. The documentary focused on how some council tenants have made a hefty profit from buying their council properties.
Anne Currell was invited to contribute to the programme to share her expertise of the Hackney property market and meet with Hackney property owner Alan, who bought his Victorian home in the 1970’s for just £1. Now with grown children, Alan and his wife are looking to sell up and use the equity gained on the house to fund their retirement.
As Anne discussed with producers of the programme, price rises in Hackney for those lucky buyers who purchased in the area when it was effectively a ‘no go’ zone have seen returns that they couldn’t have even imagined. Price rises of up to 800% in the area mean that right to buy homeowners of Alan’s generation have won the postcode lottery.
After visiting the property with Alan and conducting a valuation, Anne delivered the news that if put on the market today, Currell would market it at £1.3 million pounds. Alan had expressed earlier that his hope was that it would be worth £1m so the result was even better than he could have expected. The jump in value also proves just how much Hackney as an area has changed over the last 30 years, turning it into one of the most desirable postcodes in the city.
You can view the programme here
If you live in Hackney and are interested in a valuation of you home please contact our Hackney office on 020 7241 4111