Property developers will be able to get their hands on housing in Stoke-on-Trent for just £1 under a new initiative by the local authority.

Stoke-on-Trent council has put 35 rundown homes in the Portland Street area of Cobridge up for sale for this rock bottom price. The aim is to help rejuvenate the fledgling part of the city and bring in significant investment in a bid to transform an area that has gone through tough times in recent years. The city council will initially cover the cost of a refurbishment and sell them for £1 but buyers will have to pay back the capitol during a set period of time.

Eligible residents have until May 12th to submit their application to the council to ensure that they get their hands on one of these properties. The scheme is part of a much larger project that will invest £3 million into bringing 124 long term empty homes in Portland Street and Bond Street back into use. It will include a series of initiatives that will focus on renovation and reoccupation in a bid to create a sustainable community.

Interested parties can assess the eligibility criteria and application forms on Stoke-on-Trent council's website or go along to a host of event that provide details of how people can get involved with this project.

Majid Khan, local councillor, said: “This investment will give the Portland Street area a new lease of life, injecting a sense of pride and energy into the community. We have worked closely with existing residents throughout the process and their input has been invaluable to getting the scheme up and running."

A similar scheme was recently launched in Liverpool where the council was aiming to rejuvenate neglected parts of the Merseyside city. The Decent Home Standard plan would see homes sold off for £1 in areas such as Kensington, Granby and Picton under the provision that the owners lived in the properties for a minimum of five years.

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