Australia Markets open in 2 hrs 54 mins

British homes selling for just £1

Yahoo!7 Finance

In a once in a lifetime opportunity the cheapest homes in Britain are set to go on sale for just one pound (A$1.50).

The Victorian terraced properties in Liverpool were originally bought for as much as £70,000 (A$104,355) each – but are now being offered at the rock-bottom price to Do-It-Yourself enthusiasts.

Each potential buyer will have to prove they can renovate the house to a suitable level using their “construction skills” before they can own the property.

The homes in the Granby Triangle area in Kensington, Liverpool were originally part of the government’s plan to destroy thousands of derelict homes across the country.

Under the regeneration scheme, around £2.2bn ($3.27B) was spent on buying and demolishing dilapidated homes but residents in Granby fought to save the blighted properties in their area.

Now, the council is proposing to sell off a cluster of those saved houses for just £1 to residents, on the condition that the properties are renovated up to a decent standard.

“This allows people who may be excluded from mortgages but have construction skills to play a part in the regeneration of their communities,” said Deputy Mayor and council finance chief Paul Brant.

A spokesman for the local community, Jonathan Brown, told the Sun the move was a “true testament to the resilience of the people in Granby”.

“This is what we have been pushing for years and it's fantastic to see it come to fruition,” he said.

"The houses are an asset for the community and the public need them".

“It gives the opportunity for young, local people to learn skills in regeneration and construction and give something back to the area.”