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50P Right to Buy house is sold for 145,000

A Newcastle man sold his house for 145,000 last week after the council sold him the property for 50p in 1999.

In an extreme Right to Buy case the council sold the home, situated in North Benwell, Newcastle-Upon-Tyne, for a paltry sum due to high crime rates. In the eight years since the crime rate has been slashed by a third and prices have risen to national averages.

A spokesman for Newcastle-Upon-Tyne council says: “The houses had been boarded up for years and were being offered two for 1, plus 12,000 to do them up. This sale shows what a success the Right to Buy scheme has been as this used to be an area where not many people wanted to live.”

This case highlights the benefits of Right to Buy, with former council tenants making profits on their council properties.

A spokesperson for housing charity Shelter says: “We are more in favour of this sort of regeneration project than regular Right to Buy schemes. It is beneficial for people, but selling homes still means the council is losing out on properties that could be used for some of the 92,000 people in temporary accommodation in the UK.

“However, we welcome any incentive to cut the huge number of uninhabited homes in this country.”

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