Advice

Buy a house for £1

Two chocolate bars or a house? That’s a question I never thought I’d contemplate but it’s one that selected Liverpool residents have had to make this year. Jayalal Madde has successfully bought one of the city’s 20 properties for a mere £1. I know what you’re thinking. Where’s the catch and what’s his secret to placing such a low offer?

Image Source: Phil Richards via Mirror Online

The answer lies in the buying conditions, provided by Liverpool council. Jayalal won the property after promising that his keen DIY skills will see him bring the home up to an acceptable standard for living. He’ll be funding his own renovation project to restore the terraced house and has described the news as “like winning the lottery”. The money that he saved to get on the property ladder will now go towards the refurbishments instead. And for once, it wasn’t necessary to bid lower than the asking price as council officials set it so low to begin with.

Image Source: Mirror Online 

This is the kind of news that I like. It’s an all too common story to save for loans and a mortgage, only to feel like you’re getting nowhere but Jayalal’s managed to fast-track towards owning his own home by committing to hard renovation work rather than difficult purchasing attempts.

Image Source: Mirror Online

The scheme has been designed not only to help people get onto the property ladder but also to give new life to derelict homes. Many properties lie abandoned all over the country for a number of reasons, and this way they’re no longer going to waste.

What do you think of the £1 renovation scheme? Would you consider purchasing a property if it meant you had to re-create it from scratch? Let us know by commenting below or getting in touch on Facebook and Twitter

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9 Comments

  1. Would love to own my own house for £1 and do it up from scratch. Being a carer so not working and in my 60s would never get a mortgage.

  2. I think it’s a really good idea. There are those that need a home, looking to move and those that wants a secure home they can call there own. It’s a shame the scheme is only in London because I would very much be interested.

  3. would love to buy a house for a pound and renovate it, i so want to be able to do up a property, but can not afford a 2nd mortgage, but with my skill set i could bring a house back into use for somebody to enjoy, instead of leaving them all to rot into dereliction

    1. Hi Rehana,

      This was in Liverpool some time ago so you’re best off contacting Liverpool council for more information.

      Thanks,
      Natalie

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