Derelict homes offered for £1 in Stoke-on-Trent

The mainly terraced homes in Cobridge have so far raised interest from over 600 people (Getty Images)

Derelict homes are being offered for just £1 as part of a scheme to transform a rundown area of Stoke-on-Trent.

Aspiring homeowners can apply to buy one of 124 £1 homes in the Cobridge area and for a loan of up to £30,000 to refurbish the property. More than 600 people have already applied for one of 35 properties forming the first part of the project.

The catch, however, is that they must be prepared to live in the property for at least five years before they can rent it out or sell it on, and to have a joint income of £18,000 to £25,000-a-year, rising to £30,000 for those with children. They must also have lived in the city for the last three years and cannot already own a home. Most of the properties have two bedrooms but there are some three-beds and flats.

Stoke-on-Trent Council is anxious to turn the area into a thriving neighbourhood and to rebuild community spirit.