Buy a house for a pound in Stoke on Trent – part 2

Stoke on Trent City Council is selling off another tranche of its derelict housing stock for just one pound. It is the second time the council has launched a scheme to sell off dilapidated properties in the hope of regenerating its property market.

The scheme is open to first time buyers who live, work or have family ties to Stoke on Trent. Twenty five properties are available in the Portland Street area of Hanley. The houses available are all privately owned properties but have absentee landlords.

Successful purchasers will be offered a loan of £60,000 to be used to renovate the property and the loan (and interest) must be repaid over 15 years, after which they will become the outright owner.

Buyers must have been in continuous work for a year or more and earn up to £27,000 if single, £33,000 if single with dependants, £54,000 for a couple, or up to £60,000 for a couple with dependants.

Average house prices in Stoke on Trent are currently around £130,000.

If you missed our article on Stoke on Trent’s previous scheme read on:

What could you buy for a pound … a house?

For independent professional advice about property in Stoke on Trent, contact Property Surveyors.