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kev-all-in

Stoke-On-Trent £1 Houses: Hundreds Express Buying Interest

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From the beeb today : link

Stoke-on-Trent £1 houses: Hundreds express buying interest

More than 600 people are interested in buying rundown homes in Stoke-on-Trent for £1 each, the city council has said.

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.

Anyone applying must have lived in the city for the past three years.

Other criteria they must satisfy include:

A joint income of £18,000 to £25,000 a year - £30,000 maximum if they have children

Applicants must have been employed for the past two years

They must not own another property

They must have the right to live permanently in the UK

The new house must be their main home for at least five years

However, Steph Dunn-Fox, from Stoke-on-Trent-based estate agents findahomeonline.co.uk, said Cobridge was presently an unattractive area for home buyers and was "full of empty homes".

She said: "I think it's a great idea in principle and they're probably thinking it'll appeal most to first-time buyers.

"It's the sort of area and offer that could appeal to property developers, but they're excluded from this.

snip

This may be an interesting development, especially if it catches on. I think it sounds like a good idea if it's set up and run properly. But will the property VI's lobby against it and kill it off / subvert it before it gets a chance to work? How will they enforce the rules? will they actually have the legal powers to repossess BTLers?

What effect will it have on house prices in that area? I initially thought it would drive them down (increase supply) but if it actually works, and rundown slums are turned into cared for communities maybe they will actually make those areas more desirable.

I wonder what sort of condition these houses are in? £30k could be swallowed up pretty quickly if they need major structural repairs, plus the value of a terrace is dependant on the condition and structural state of the houses attached either side. I could see it getting complicated TBH.

Wouldn't it just be easier for the council to spend this money doing this themselves, they could employ local youngsters / trainees and get the work done cheaper, provide employment and training to loads of local people, get all the houses renovated much more efficiently and to a consistent standard.

(edit to add link)

Edited by kev-all-in

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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