Liverpool’s Homes for a Pound scheme is designed to get first-time buyers onto the property ladder and breathe new life into rundown areas. If this taxi drivers’ story doesn’t entice you to invest, we’re not sure what will. – JH
£1 House owner prepares to move in for Christmas
How much would you pay for this property in Liverpool, in the north of England? Taxi driver, Jayalal bought if for the princely sum of just £1.00.
First, I read an article in the newspaper. I didn’t believe it. Then I called the Liverpool City Council, enquired about it, and they explained it to me. I went onto their website, found some more details, saw it was a two-storey, and decided to apply for it.
Twelve months ago, when Jayalal bought the house, the building was a shell with almost no roof. He forked out around £40.000.00 from savings and loans into a four-bedroom, two-bathroom home. After Jayalal’s investment, the house is estimated to be worth almost double what he’s paid out. It’s one of 20 properties bought by Liverpool Council as part of an initiative to help first-time buyers onto the property ladder and rejuvenate rundown areas.
Cabinet Member for Housing Anne O’Byme says ‘we spoke to residents and they were very clear that they wanted this are to be refurbished and regenerated that way. I spoke to the Housing Associations and they said they are ten times oversubscribed, with people wanting to move back into this area.
Once a bustling part of Liverpool, when key industries closed here during the seventies and eighties, many people moved out of the area. Many of the homes on Jayalal’s street are still boarded up, but construction work is underway. To protect the long-term future of the area, applicants must prove they have the financial resources to do the properties up and the homes can’t be sold for at least five years. Jayalal looks set to stay for life.
It’s a lot of hard work but today, I’m happy that I could overcome it all.
The finishing touches are still to be put in place and furnishings need to be added before Christmas, but there’s no doubt that Jayalal is, very much, the king of his £1.00 castle.
