Want to buy a house in Stoke - for £1?

[Ivo]

Stoke-on-Trent City Council are selling off a series of derelict homes in the City - for just £1 each.

Thirty-five derelict homes, mainly two-bedroom terraced properties, will initially be sold off in the Cobridge area, with a further 89 to follow.

Under the £3m project, the local authority is offering loans of up to £30,000 to help complete essential repairs on the houses.

Applications opened for potential buyers on Monday.

People have until 12 May to apply for one.

Stoke-on-Trent City Council said the initial 35 homes would be randomly allocated to the successful applicants.

The majority are two-bedroom, but there are also a few three-bedroom houses and possibly some flats.

Anyone taking out the £30,000 loan would have to pay it back within 10 years at an interest rate of 3% above the Bank of England base rate, which currently stands at 0.5%.

If the house is sold within 10 years, a proportion of any profit must be paid to the council on a sliding scale.

In return for buying the properties, people will be required to renovate them and bring them back into use.

There are a few other catches too...

• You must have lived in Stoke for at least three years
• You and your partner must have a combined income of between £18K and £25K (up to £30K if you have children)
• You must have been in continuous employment for at least two years
• You must not own another property
• You must have the right to live permanently in the UK
• You must agree to use the property as your main residence for at least five years

I have to say, it's certainly one way to get on the property ladder! The interest rate on the loan is quite steep though, as is the requirement to pay back some of the sale profit to the Council should you leave within 10 years.

 

[Johnuk123]

Stoke is not the nicest place in the world, I'd want a lot knocked off that £1.

 

[Eagle]

Re point 2: what if you're single?

 

[telstarbox]

Liverpool City Council made a similar offer earlier this year which attracted a lot of interest.

 

[Crossover]

Stoke is not the nicest place in the world, I'd want a lot knocked off that £1.

You're not the only one!

 

[gazthomas]

You're not the only one!

You beat me to it!

 

[306024]

Re point 2: what if you're single?

You get it for 50p.

 

[gnolife]

Are these the little green Monopoly houses or something?

 

[Crossover]

Are these the little green Monopoly houses or something?

Think smaller