The UK housing market is pants and that’s putting it sartorially, prices are still dropping and first time buyers can’t even read a for sale sign without a deposit of 20%. But there is hope, one area of the UK; prices have dropped so much that no deposit is required, in fact – no mortgage is required either.
In the Granby Triangle, Liverpool you can find Victorian terraced houses for sale for just £1, normally retail; £70,000! The homes were bought by the Labour Government as part of the Pathfinder Regeneration Scheme but were boarded up and abandoned when the funding was pulled in late 2010.
Since then; Liverpool city council had been in talks with a contractor about a £25m development plan, until discussions ground to a halt at the end of last year. Now, the Council has chosen a cheaper and simpler way to boost the dilapidated Kensington neighbourhood: offer the houses for £1 to DIY enthusiasts.
Residents will be able to buy the properties at the pound shop price on the proviso that they be brought up to a decent standard.
Speaking about the new scheme, Liverpool’s deputy mayor and council finance chief Cllr Paul Brant commented: “This allows people who may be excluded from mortgages but have construction skills to play a part in the regeneration of their communities.”
He added: “It’s been proven to work in other parts of the region. We’ve seen that the private sector model has not succeeded so far and, through this way of doing things, if there is any profit it will stay with local people.”