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Radio Five Live Now Salford Housing

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obviously just caught the tale end of the feature there :rolleyes:

Sounds like it was the council knocking down rows of easily renovated [ at little cost, compared to new build ] terraced housing, and replacing with new housing. But owner occupiers happy to stay where they are, are having to end up owing money after compulsory purchase of their homes. Council offering them the new houses with the difference on values as loans. And they only have to pay the council back the loan difference if/when they sell at a profit.

Of course if the values drop they slip into "negative equity" on what they owe the council, where as if they had stayed in their existing homes they would owe nothing.

Edited by Catch22

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Ah in Manchester (the east bit) OO were bought out for say 45k and then told to rebuy a place was 120k.

They were told they were given market value.

Didn't sound like it to me.

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