Homes for £1! Sounds almost too good to be true!
This is a project run by local authorities firstly in
Liverpool and now in Stoke-on-Trent, where run down properties are sold for £1
each and a loan of £30,000 is given to complete necessary repairs on the
property.
There is a range of properties available 2 bed terraces,
three bedrooms hours and even some flats. There have been thousands of
applicants for the project and the properties are allocated randomly to successful
applicants. To qualify for the project you have to meet the following criteria:
·
You must have lived in the area for the past 3
years
·
Have a joint income of £18,000 - £25,000 or
£30,000 if you have children
·
Must not own any other property
·
Must have been employed for the past 2 years
·
The new house must be your main home for at
least 5 years
·
You must have the right to live permanently in
the UK
The £30,000 loan is required to be paid back over the next
10 years, with an interest rate of 3% above the base rate. This currently works out around £293 per month,
which is cheaper than a mortgage or renting. People who are lucky enough to get one of the
£1 properties are required to renovate it and bring it back life. The aim of
this is to reignite run down, derelict areas into family homes. This will have
a knock on effect to current residents living next door to these vacant
properties and will hopefully build community spirit throughout the
neighbourhood.
There are 710,000 vacant homes in England which has been a
trigger for the £1 home scheme. In the current economy with housing lacking, it
is vital to bring these empty properties back to family homes. The £30,000 loan
from the council towards refurbishing each property will be spent on council approved
contractors with the owners choosing which type of kitchen and bathroom they
like. If the house is sold within 10 years the owner will be required to hand
over a share of the profit made.
What’s your opinion on the £1 home scheme?
