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Man claims house bought for £5k on 'Britain's most dangerous street' now worth £1 million

Man claims house bought for £5k on 'Britain's most dangerous street' now worth £1 million

The 75-year-old bought his home back in 1970 for just £5,000

A South London man who bought his house for just £5,000 claims it is now worth £1 million, despite being located on what was once known as 'Britain's most dangerous street'.

75-year-old Hasan Rezvan bought his four-bed terraced house next to Northlands Street in Brixton, South London in 1970 for £5,000 - a sum he could just afford from the bank at the time.

Rezvan, who moved to the UK from Cyprus, settled into his new found home, despite the area becoming notoriously dangerous in the 1980s to 90s.

Coldharbour Lane, which is just around the corner from Rezvan's home, was even named 'Britain's most dangerous street' in 2003, with £1 million of crack having being dealt there every month.

Hasan Rezvan has lived in his home since 1970.
MyLondon/BPM Media

Miraculously, Rezvan told MyLondon that he's hardly had any problems living near Coldharbour Lane, explaining: "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."

He does remember the constant fighting, however, with him adding: "You could hear the screams."

But now, 53 years on since Rezvan bought his property, the area is in the process of being hugely gentrified and he believes that his home could now be worth a hell of a lot more than what he bought it for.

According to RightMove data, 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 £1 million, while a semi-detached can go for as much as £2 million. And a four-bed terrace on Coldharbour Lane sold for £1,075,000 in June 2021.

Rezvan believes his property could now be worth £1 million, 53 years on from buying it for £5,000.
MyLondon/BPM Media

While Rezvan's house now may be worth a sum like this, even though its official value hasn't been disclosed, he said to MyLondon from his front garden: "I do not have the money in my pocket."

He also believes any money earned on the sale would probably be lost to the Cypriot healthcare system if he were to retire there.

"The only way to get it is to sell it up and go home to Cyprus. But when I live her for 50 years, this is my home now," he explained.

Rezvan also gave a bit of advice to young people trying to get on the property ladder, saying they need to be willing to make sacrifices.

And while pointing to his tired black leather shoes, he added: "Kids want their names on the trainers, but I'm happy with these."

Featured Image Credit: MyLondon/BPM Media

Topics: UK News, Money