![There's A New Build Estate Where Residents Can Buy Their Homes For £1](https://images.ladbible.com/resize?type=webp&quality=70&width=3840&fit=contain&gravity=auto&url=https://images.ladbiblegroup.com/v3/assets/bltcd74acc1d0a99f3a/bltc401d34ec0157f46/620d4a5306522e507607b905/thumbnail_JS257583483.jpg)
A property company is giving people the opportunity to buy their homes for just £1.
A new development in Wednesfield, Wolverhampton, which is still being constructed, has set up a scheme which allows buyers to rent their home for a period of time and then buy them later.
The Marches development on Lakefield Road is a £34 million estate, which is made up of 266 homes.
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One hundred of them are being sold under a help-to-own scheme, which states that buyers can rent the property for a period of 25 years before buying it outright for £1.
The monthly payments, which rise each year in line with inflation, goes towards their 'loyalty premium'.
Now, if the owners want to move before the end of the initial 20-year term, they can take their 'loyalty premium' with them to use on another property.
![James Taylor recently bought a house on the estate.](https://images.ladbible.com/resize?type=webp&quality=70&width=3840&fit=contain&gravity=auto&url=https://images.ladbiblegroup.com/v3/assets/bltcd74acc1d0a99f3a/blt7fd94f37dc86d198/620d4a0013084806ffc055e7/thumbnail_JS257583470.jpg)
However, if they choose to extend their agreement by a further five years, at the end of that period, they get the opportunity to snap it up for a quid.
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James Taylor - not that one - moved in with his partner and daughter last November after being accepted onto the help-to-own scheme.
The 26-year-old engineering supervisor said: "We like it. Obviously, during the day, it is a bit rowdy with the building going on.
"Other than that, at weekends it is quiet. It is a nice area, you don't get or hear of any trouble."
Asked about the appearance of the homes, which are made of red bricks and grey facades, he added: "We like it, it is one of the reasons why we went for it.
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"Although it is a bit narrow, there is a lot of space as we have three storeys."
Tim Perry is another who signed up to the scheme back in October with his partner Aaron Parsons, 32.
![Tim and Aaron also used the scheme last year.](https://images.ladbible.com/resize?type=webp&quality=70&width=3840&fit=contain&gravity=auto&url=https://images.ladbiblegroup.com/v3/assets/bltcd74acc1d0a99f3a/blt158d35612a85f5fd/620d4a2ca353db1b0fda6ad6/thumbnail_JS257583489.jpg)
"It is our dream home. It has been nice living here to be fair, there has been a nice community spirit going on, everyone has been coming together peacefully," said the 31-year-old.
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"I like the appearance [of the homes], there is a decent amount of space [inside]."
A 36-year-old woman, who wished to remain anonymous, also said: "I love my house but it's a bit weird having the living room upstairs."
Construction firm Willmott Dixon is carrying out the building work on the properties, which are a mixture of two, three and four-bedroom houses.
According to the development's website, only those who have savings of less than 10 percent of the value of the property are eligible for the help-to-own scheme.
Topics: UK News