Quids in: Liverpool houses sold for £1 in ambitious regeneration scheme

The project aims to rebuild derelict communities and give hope to those struggling to get on the property ladder

The keys to Liverpool’s first £1 home have been handed over to its new owners as part of a regeneration drive designed to breathe life into run-down areas of the city.

Liverpool Council offered the city’s residents the chance to buy one of 20 homes for the meagre sum, providing they commit to bringing the property up to scratch, and to live in it for at least five years.

Applicants must live or work in Liverpool, be a first-time buyer, and take home no more than £35,000 per year (£40,000 for families).

There is no deposit payable on the property, but successful candidates must pay back the cost of refurbishment, which is expected to be around £30,000. At around £293 per month for ten years, this represents better value than a mortgage or renting.

Married father-of-two Jayalal Madde is Liverpool’s first £1 home recipient, and one of 10 to benefit from the pilot scheme, which aims to bring 1,000 empty homes back into use across the city. Mr Madde’s new home sits on Cairns Street, Granby, where properties once sold for £70,000.

Mayor of Liverpool, Joe Anderson, said: “I’m delighted to be officially handing over the keys to the first recipient of a home for a pound.

“We’ve had an amazing response to this scheme and have been absolutely inundated with applications, so to already be in a position to allocate the first 10 homes is fantastic.

“We are only looking for people who have a genuine commitment to bringing these properties back to life and turning them into a home they are proud to live in.”

Mayor Anderson added: “Properties in these areas have lain empty for too long – but in tough economic times, we need to be creative and look at doing things differently.”