How to buy a two-bedroom house for £1 TODAY
BARGAIN: You can buy a whole house for £1
The Victorian homes, which are located in Bettie and Fenton, Stock-on-Trent, will need some serious TLC to be suitable for modern living.
But with news that millions will never own a house in the UK, the properties are bound to be a tempting prospect for buyers.
By flogging the houses so cheap, the council hopes that the regeneration will benefit the whole community.
After paying a nominal fee of £1, the buyer will have to carry out refurbishments before being handed over the keys.
The terms also make it clear that the property owner must live at the location, instead of renting it out or selling it on.
The auction is taking place at The Moat House, Stock-on-Trent, at 6:30pm today.
HOUSE ABOUT THAT: You can bid on this Stoke-on-Trent home for a quid
The two-bedroom Bentilee home, which is located in Dividy Road, has a “large end terrace” and is nestled in a “convenient location”.
While it could be sold for a quid, it’s expected to fetch £30,000 for an 125-year lease.
Meanwhile, Fenton’s Victoria Road two bedroom property is expected to sell for a minimum of £35,000.
Councillor Randy Conteh, cabinet member for housing, communities and safer city, said: “These two Victorian terraced properties are part of our old Housing Revenue Account (HRA) stock and therefore we are removing them from our portfolio – providing an investment opportunity, which will in turn benefit the whole community.
“The houses will be sold at auction and the buyers must make a commitment that they will be their main place of residence.
“At the auction the properties will be offered on a long leasehold basis and a detailed schedule of works must be completed to the council’s satisfaction before the freehold can be acquired for a nominal fee.
“All required work is to be completed within 12 months of sale to ensure that the properties do not remain empty and in a poor condition.”
QUIDS IN: The local council hopes that flogging the houses cheap will encourage investment
Local residents seem to be pleased with welcomed the council’s bold plans to get the home’s lived in.
Speaking about the Victoria road house, 48-year-old Loretta Dunkley said: “It has been empty for too long and it is good that something is being done about it. I am not bothered how cheap it goes for.”
And Lauren Gorden, 28, added: “I think it is a good idea as it will help keep its upkeep nice.
“Some people may have a problem with these houses going for low prices but it gets empty houses up to the condition needed and it helps everyone else in the area as it should improve property values.”
It’s not the first time that houses have been sold at a rock-bottom price at auction.
In July, a three-bedroom house was described as the cheapest home in the UK as bids started at just £1.
And we previously revealed how YOU could snap up a British property for a quid.