A group of tenants in The Hague have managed to buy 65 houses in their street from a housing corporation which had planned to demolish their 100-year-old homes.

Broadcaster NOS said it is the first time that tenants have acted together to buy so many properties in one go. It took them three years and €2.5m to make their dream a reality.

The Hague city council had a hand in the deal and the corporation, Haag Wonen, agreed to slash the price of the properties by 50% to make it possible. The residents have now set up their own housing association and will pay rent – averaging €485 a month – into its bank account.

A spokesman for Haag Wonen said the deal would ‘contribute to cohesion in the neighbourhood’.

‘We could not finance the necessary repairs, hence the plan to demolish the properties,’ a spokesman said. ‘The residents will probably be able to carry out the repairs more cheaply.’