A man who bought his house for £5,000 in 1970 says it is now worth £1million. Hasan Rezvan, 75, moved to the UK from Cyprus and tried to buy a house for £7,000, but the bank said he could only afford £5,000. He settled on a four-bed terraced in Brixton.
The property's value did little in the 80s when Brixton was rocked by riots, or the 90s when the area had a reputation for drugs and violence.
His address, Coldharbour Lane, was named 'Britain's most dangerous' in 2003 with £1million of crack dealt there every month, reports MyLondon.
But Hasan said he's hardly had any problems living on Coldharbour Lane. He said: "About 15-years-ago they broke into next door twice, but the woman living there said it was her ex-boyfriend. I do not feel unsafe." Hasan says he used to remember fighting and constant police at nearby Liliford House and added: "You could hear the screams". However, reflecting on the present day, he stressed: "There's hardly anything, it's getting better".
Across the road next to Liliford House there used to be a carpark with a car boot sale, but it's now been turned into a huge housing block with lime green balconies. Hasan was initially worried about the effects of so many people moving in across the road, but he says the security on the new buildings means there's no issues.
Speaking from his front garden, Hasan explained how his house might be worth a lot but "I do not have the money in my pocket". He also says any money earned on the sale would probably be lost to the Cypriot healthcare system if he were to retire there. He continued: "The only way to get it is to sell it up and go home to Cyprus. But when I live here for 50 years, this is my home now."
The terraced property on Coldharbour Lane could fetch around £1million in today's market (Image: Facundo Arrizabalaga/MyLondon)
Rightmove data shows how home prices in SW9 have exploded since the early noughties, starting at an average of £200,000 and rising to around £600,000. Terraced houses in the area can sell for well over one million pounds, while a semi-detached can go for as much as two million. A four-bed terrace on Coldharbour Lane (just like Hasan's) sold for £1,075,000 in June 2021.
Hasan has one piece of advice to young people trying to get on the housing ladder. Pointing to his tired black leather shoes with a glint in his eye, he said: "Kids want their names on the trainers, but I'm happy with these." He told MyLondon young people need to be willing to make sacrifices if they want to own a home.
