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There's A New Build Estate Where Residents Can Buy Their Homes For £1

There's A New Build Estate Where Residents Can Buy Their Homes For £1

Some have already moved in despite the estate not being finished

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.

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.
BPM Media

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.

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.

"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.
BPM Media

"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.

"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.

Featured Image Credit: BPM Media

Topics: UK News