Tenants now in £1m homes

HUNDREDS of ex-council tenants may be property millionaires after buying local authority homes.

A home in Hackney, East London, bought for £125,000 in 2000 is now worth £1.4million, loans firm Kis Finance says.

But in other regions ex-tenants have fared less well, with a Newcastle home costing £27,000 in 2002 now worth £42,000.

The right to buy policy is blamed for a lack of affordable housing as 1.9 million homes were sold off.