Homes for £1 – if you move to Stoke

Properties have been put on sale for just £1 in Stoke-on-Trent as part of a regeneration scheme, but there’s a catch.

Stoke-on-Trent council has put dozens of houses on sale for just £1 and they’ve proved rather popular.

The city council is selling the properties as part of a £3million regeneration project.

In return for the cut-price homes, owners will be obliged to renovate the dilapidated homes. The council is offering successful buyers loans of up to £30,000 to foot the bill.

But this hasn’t stopped more than 600 people applying to fix-up the 124 homes. The properties are mostly two-bedroom terraces, along with a handful of three-bedroom houses and potentially a few flats, according to the council.

The winning applicants will be randomly selected, but those already living in the city will be given priority.

The owners must pledge to live in the homes for at least five years. Interested buyers have until 21 May to register for the scheme.

The council said it wants to “revitalise these areas, build a community spirit and turn these places into thriving neighbourhoods again”.

Liverpool council is running a similar initiative to help generate parts of the city.

Councillor Janine Bridges, cabinet member for housing, neighbourhoods and community safety, said the scheme “will allow what is currently a rundown area of Cobridge to fulfil its potential and become a thriving community”.

[Related link: Compare mortgages]