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FREE landlord softwareTake advantage of our discounted landlord insurance ratesMade in Stoke-on-Trent – Episode 2: £1 for a House https://t.co/GzJDzU05SL
— Property Hawk (@landlordnews) January 9, 2018
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What people fail to realise is that these houses were compulsory purchased with the aim of demolition and then rebuilding with new housing stock that could then be sold on or rented via the local authority and/or housing associations. However the council in their wisdom did not move quickly enough on the demolition side and effectively ran out of money. There were large tracts of empty boarded up streets and vacant land with nothing happening.
Selling the houses for a £1 was to enable to council to remove some if its liability and regain some of the costs involved in this debacle, purchasers had to take a loan from the local authority at preferential rates and only for a short term. A cheaper and better option would have been to renovate the houses from the start, but that wouldn’t have go down well with other tax payers, when privately owned houses would get fully renovated for free.
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