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Housebuyers enjoy £1 property through new scheme

A scheme has been piloted in Liverpool, and now rolled out to Stoke-On-Trent, which allows residents to purchase houses in need of refurbishment for a minimal fee of £1.

They then go on to be responsible for the cost of the necessary renovations, but at an average of £293 per month for 10 years, it provides better value than private renting and in many cases, is cheaper than a mortgage.

The idea was the brainchild of Major Joe Anderson and one of his council members, Ann O’Byrne, who were attempting to develop a creative solution to two problems – both the lack of available housing and the abundance of houses that were in a poor state of repair.

Combining the two ideas by selling these properties on for £1 and then ensuring that residents pay for the refurbishment provides families with an immediate alternative to years of saving, and at the end of the tenure, the council will have a flock of renovated properties, ready to re-sell for a larger fee.

The monthly cost of renovations will ensure that the houses will have kitchens, bathrooms and wiring. All these add to basic living standards, but since the new owners won’t have to pay a deposit, they will find themselves with extra money to complete other refurbishments to suit their lifestyle – such as exciting furnishings, extensive decorations or attractive hardwood flooring. Liverpool has been so successful in its implementation of this scheme that it has been trialled in other areas of the country, including Stoke-on-Trent.

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