Last year, Liverpool City Council began selling abandoned homes for just £1.
The idea was simple: some areas of Liverpool became completely uninhabited following the decline of the city’s shipyards in the 1980s and 1990s.
With vast stretches of Liverpool all but derelict, the city council offered the abandoned houses for the symbolic figure of £1, provided that the new owner would take on renovation costs.
The initiative was imitated elsewhere, from sunny Sicily to not-so-sunny Stoke on Trent.
The first 20 houses listed triggered more than 1,000 requests, and the houses are currently being transacted. More houses are expected to hit the market in the future:
Liverpool has about 160 more to allocate.
The homes are all located about 5 kilometres east of the city centre, in the area of Edge Hill
They are all two-up, two-down style Victorian terraced houses, and Liverpool City Council has undertaken major renovations to make them livable.
“They come with basic kitchen and bathroom, the owner needs to undertake the cost of decorating and making them pretty,” a spokesperson from Liverpool City Council told to Business Insider UK.
The BBC estimates that a further £35,000 would be required to bring them up to standard, and the owner has to commit to live in them for five years. Still, it is much cheaper than a regular mortgage.
Although, consider that these houses are tiny: they normally measure about 60 m² (650 sq. ft).
source – the Business Insider
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