The Stoke-on-Trent proposal to sell surplus houses to low-paid working people for £1 has now been given the go-ahead by the Council's Cabinet. The proposed scheme has been widely reported as an example of innovative thinking around empty homes.
The homes were originally purchased under the previous government's Market Renewal programme but the council was unable to progress the redevelopment schemes when the incoming Coalition government cut the funding. The cost of purchasing the homes to be sold for £1 has not been made public to date.
The scheme involves the purchasers taking out an interest-free loan of up to £30,000 to renovate the homes to Decent Homes Standard and received just under £1.5Million from the HCA Clusters of Empties programme - match-funded by Stoke-on-Trent City Council.
Fuller details of the scheme can be found in the relevant Cabinet report which can be accessed via our Information Library here (for full members only - log in to access this).