What can you buy for one pound? A loaf of bread? A bar of chocolate? How about a four bedroom family home in one of the UK’s biggest cities?
In the Toxteth area of Liverpool, 20 lucky families have snapped up a new home for the princely sum of just £1.
The scheme developed by Liverpool council involves 20 derelict homes in the area. The properties have all been sold to local first time buyers who have agreed to fully refurbish them at their own cost and then live there for at least five years.
In total, nearly 200 derelict properties in the Granby, Picton and Arnside Road areas of Liverpool are being brought back into use under a huge regeneration scheme.
The first of the £1 properties is now home to local taxi driver Jayalal Madde and his family. Mr Madde began work on the neglected property in Cairns Street in May 2014 and has spent more than £30,000 fully refurbishing it from top to bottom.
The modern family home now boasts two bathrooms, a cellar, four bedrooms and three reception rooms.
Speaking to the Liverpool Echo, Mr Madde said: “I love the house because it’s a big double-fronted terrace. This whole area is being done up and when it’s finished, this will be a brand-new regenerated community.”
Looking around the property, Mayor of Liverpool Joe Anderson said: “I know from conversations with Mr Madde that he has a genuine commitment to the area and it is great to know that a once run-down property has been lovingly transformed into a home for his family.”
Whether you paid a pound or a little bit more, get a quote on your home insurance by calling City Landlord on 0800 2944 546 today.