Βι¶ΉΤΌΕΔ

Hill House sounded like an attractive investment three years ago - the development lay on the banks of the River Thames, and two bedroom flats had starting prices of Β£250,000.

But, in the last few weeks the same two bedroom properties are being snapped up at auction - with one being sold at just Β£105,000 - losing half its original value.

Hill House, SE28

Waiting for auction

84 flats were built at the Pinnacles site in Greenwich; 8 of them penthouses. Just three years later and over half of them have been repossessed.

For the few who still live in the block there have been complaints of mice and cockroaches - as empty flats lie waiting for auction.

Metal doors mark where owners have been unable to keep up with repayments on their property and for the residents still at Hill House, their experience is far from luxurious.

Angela Eluma - now hoping to move

'Cockroaches were right by my son's cot"

Mother of one, Angela Eluma told Βι¶ΉΤΌΕΔ London: "Within a couple of weeks moving in, a flat next door to us got repossessed and one of the big metal doors got put on."

"Then just in the last two months the flat opposite us got repossessed, the one above us has been repossessed."

"Also the problem we've had has been mice and cockroaches which isn't nice especially with the little one."

"At one point we found cockroaches were right by my son's cot."

Angela and her family are now hoping to move out of Hill House, leaving another flat empty.

Metal door covering repossessed home

'Families moved out'

Nigerian student John Daro rents a penthouse apartment, but despite living in one of the most luxurious parts of the building, he's hoping the development improves.

All the flats on John's corridor have metal doors: "We're the only one on this floor now. We had families ones this floor, but they kept moving out one by one."

The development is still only three years old and estate agents in the area hope Hill House won't be a lost cause.

Property signs

Repossessions

Andy Greene from Amberley Estates is currently dealing with 30 properties that have been repossessed. He's one of a handful of agents trying to sell Hill House to buyers.

"In my opinion a lot of people bought these properties under false pretences - under residential mortgages."

"Particularly on the repossessions I've attended, we end up nine times out of ten finding tenants, rather than landlords, who knew nothing about the eviction."

"This was sold as the place to be and now it's the place not to be - and I think it's a real shame."

Ground floor flat boarded up

Empty properties

Now a local housing association is stepping in to take on some of the empty properties.

Gallions Housing Association says: "We believe that out of the 84 properties in Hill House very few are currently up for repossession - certainly nowhere near the 82 mentioned in the media."

"There was a figure of 47 being mentioned but we bought 22 of those and are looking at buying some of the remaining 25."