Buy a house for one pound

Don Foster MP, Communities Minster, told ITV News about the New Homes Bonus plan, whereby around £8,000 is being given to local councils for every new home that's built or for every empty property brought back into use.

Government minister Don Foster will be in Stoke-on-Trent later to visit the thirty five empty homes which are available for a pound.

There are currently seventy-five applications for the homes in Portland Street and Bond Street in what is the first scheme of its kind in the country.

The regeneration scheme is being funded by the city council and government and the council say it will give the area a new lease of life.

The programme will revamp empty council-owned properties which have fallen into disrepair.

The regeneration scheme is being funded by the city council and government and the council say it will give the area a new lease of life.

The programme will revamp empty council-owned properties which have fallen into disrepair.

The city council will initially cover the cost of refurbishing the homes and will sell them for just £1. However, the new owners will have to pay back the cost of the refurbishment over a set period of time.

It is the first phase in a £3 million project which will see 124 long term empty homes in Portland Street and Bond Street areas brought back into use.

Councillor Janine Bridges, cabinet member for housing, neighbourhoods and community safety, said:

The £1 house scheme has received worldwide media attention and has really put Stoke-on-Trent on the map as an innovative city that isn’t afraid to take on a challenge.

However, this exciting opportunity is exclusively available to residents of Stoke-on-Trent and I would urge people who meet the eligibility criteria and want to get a foot on the property ladder to apply before the deadline on Monday.

“This major regeneration scheme will not only transform the appearance of the Portland Street area, it will also transform the lives both of new and existing residents. It is a once in a lifetime chance and I would encourage house hunters to make the most of it.”

House hunters in Stoke-on-Trent are being asked to submit their applications for a £1 home before the deadline this Monday.

The project will see 35 rundown properties in the Portland Street area transformed.

Applications must be submitted by midday on Monday May 13th. Although the council has received applications for houses from around the world, the only people who meet the eligibility criteria are people who live in Stoke-on-Trent.

Find out if you are eligible to buy a house for a pound by clicking here

Over 1,000 people have already shown interested in the £1 houses being sold off by Stoke City Council.

The scheme, to redevelop 35 houses in Cobridge, was launched yesterday.

Despite only being available to residents in Stoke-on-Trent, the City Council has received interest from people in Australia, Italy, China and London.

"We have written to 600 local people who expressed an interest in the scheme to let them know that the application process has begun," said Andrew Brunt, spokesperson for Stoke City Council.

'We haven’t received any completed applications yet, this is because there is a range of information and supporting evidence needed to be submitted. We are expecting applications to start coming in from next week," added Mr Brunt.

Find out if you're eligible to buy a £1 house in Stoke by clicking here

House prices may have fallen in recent years, but one city in the Midlands is offering buyers the chance to own a property for a pound.

Stoke-on-Trent City Council is selling 35 houses in Cobridge in a bid to transform the area.

Today Stoke-on-Trent City Council launched a scheme to buy a house for a pound.

Tony Oakman, from the council, described the price of the homes as a 'very attractive proposition'.

To be eligible for one of the houses being sold for a pound in Stoke-on-Trent you must:

• Have a right to reside permanently in the United Kingdom.
• Be currently working at least 16 hours per week and have been in continuous and secure employment or self-employment for the last two years.
• Not own property whether in Stoke-on-Trent or elsewhere.

• Currently reside and have had your primary home in Stoke on Trent for the last 3 years immediately before the application.
• Have a gross income or a joint income of at least £18,000 and not more than £25,000 per year or £30,000 per year if you have dependent children.

• Agree to reimburse the Council for the improvement costs, with the Council providing low interest financial assistance.
• Intend and undertake to occupy the property as your main and principle home for a minimum period of at least five years.
• Not own assets valued at more than £10,000 in aggregate.

For full details of the eligibility criteria go to the Stoke on Trent city council website.