Residents yesterday moved into the first new flats on Stonegrove Estate, one of the borough's flagship regeneration estates.

The 62 homes are on the corner of Sterling Avenue and Green Lane, in Edgware, and existing residents will move there to allow the demolition of the ageing tower blocks on Stonegrove and neighbouring Spur Road estates.

The regeneration is set to begin any day and will create almost 1,000 new homes.

Councillor Anthony Finn, cabinet member for regeneration, described it as a "great day" for residents and said it demonstrated the regeneration projects' robustness in the face of a declining housing market.

"It is visible proof that we are delivering on our pledge to bring about radical improvements in the lives of everyone on our major housing estates," he said.

"Although the 'credit crunch' may be causing problems in the national housing market, Barnet Council and its partners are getting on with the job of regeneration."

The homes have been built by housing association Family Mosaic, which will provide the affordable housing on the regenerated estate - homes for families on low incomes.

Jo Murphy, group director of Family Mosaic, said: "We are very pleased to welcome our first residents and hope that they now enjoy long and happy tenancies at Stonegrove and Spur Road."

The new road serving the development is to be called Penniwell Close, while the two new blocks have been named Chantry Court and Dower Court, after historic houses that once stood in the Edgware area.