Stoke-on-Trent Council is selling off homes for £1

westernpromise

http://www.telegraph.co.uk/property/house-prices/stoke-on-trent-council-selling-homes-1/
...the latest scheme involves buying empty privately-owned properties from absentee landlords. It then sells these at rock-bottom prices with a loan of around £60,000 for the buyers to renovate the property...buyers must have been in continuous work for at least a year and earn a maximum income of up to £27,000 if single, £33,000 if single with children, and up to £54,000 for a couple, or £60,000 for a couple with dependants.

I have to say I wonder why someone who's single and on £27k a year in Stoke wouldn't have bought already anyway.

The sad thing is that even for £1 these houses are still overpriced form the point of view of someone who's been waiting 20 years for a crash...

System

Crashy needs another 60% drop on these yet

chucknorris

Joeskeppi wrote: »

Crashy needs another 60% drop on these yet

Crashy's best hope for equilibrium is another crash, not a housing crash though, he needs a comet to crash into the earth, then he would be no worse off than anyone else. It is his only chance.

setmefree2

Liverpool have been doing the same.....

chucknorris

westernpromise wrote: »

http://www.telegraph.co.uk/property/house-prices/stoke-on-trent-council-selling-homes-1/
...the latest scheme involves buying empty privately-owned properties from absentee landlords. It then sells these at rock-bottom prices with a loan of around £60,000 for the buyers to renovate the property...buyers must have been in continuous work for at least a year and earn a maximum income of up to £27,000 if single, £33,000 if single with children, and up to £54,000 for a couple, or £60,000 for a couple with dependants.

setmefree2 wrote: »

Liverpool have been doing the same.....

It seems a good way of encouraging the regeneration of run down areas.

Malthusian

But how is a single freelance blogger supposed to afford £1 after they've paid the interest on their credit card debt? Anyone who takes advantage of this scheme probably borrowed the £1 from the Bank of Mum & Dad.

Another scheme to help the rich from the wicked Tories and the even wickeder Independents of Stoke-on-Trent council.

vivatifosi

It's a shame that the article hasn't done a "before and after" segment. I'd love to know what those who bought in the earlier phase have done with their houses and whether the street scene had changed much.

Thrugelmir

vivatifosi wrote: »

It's a shame that the article hasn't done a "before and after" segment. I'd love to know what those who bought in the earlier phase have done with their houses and whether the street scene had changed much.

One of the first properties sits in a road where the majority are boarded up. The hope is that others will follow. Though the amount of work required shouldn't be underestimated. The application criteria and process is also very strict.

HPC_Ghuol_Hunter

vivatifosi wrote: »

It's a shame that the article hasn't done a "before and after" segment. I'd love to know what those who bought in the earlier phase have done with their houses and whether the street scene had changed much.

Can you imagine a street full of the HPC chain gang? :eek:

teddysmum

vivatifosi wrote: »

It's a shame that the article hasn't done a "before and after" segment. I'd love to know what those who bought in the earlier phase have done with their houses and whether the street scene had changed much.

There has been at least one tv programme showing the results. Try Googling or Youtube for any footage still available.

Thrugelmir

AFF8879 wrote: »

They're in Stoke practically every week and the buyers seem to be able to convert wrecks into nice family homes for max £25k, usually much less.

Depends what you term a wreck to be.