Brits can now buy houses in Italy for under £1 - but there’s a catch

Brits have been given the perfect chance to own a holiday home of a lifetime, with them costing less than £1 to buy.

For just €1, or 84 pence, you have the chance to buy a rustic Italian home in idyllic towns and villages up and down the historic country.

Across Italy, people have been snapping up €1 homes as either the stuff of first time buyer dreams and moving abroad, or the ideal way to get that holiday home set up.

But why is Italy selling homes for €1?

It has been a scheme across the country for a number of years by this point.

And it's all because of the migration of young Italians from their native towns and villages, most of them rural, with a desire for something resembling more of a city life.

That's not to say these communities are undesired, it is just the way of the world for many young adults seeking professional work. In fact, they're absolutely stunning locations.

The problem is they are being partially abandoned, with those remaining older. And once their time comes, authorities worry no one will be left.

Italy is full of stunning towns and villages (Getty Stock Images)

So how about these €1 homes?

Local councils have found that they are being left houses by people in these communities due to them having no one to inherit their assets.

And those who have been given them via inheritance have found themselves soon getting rid, with some nasty taxes awaiting you for owning multiple homes in Italy.

As a result, roughly 25 councils across Italy are offering homes on the cheap. Enter the world of the €1 house.

A statement from 1eurohouses.com says: "We do not need new constructions and new overbuilding. The strategy to improve the housing environment and reclaim our cultural identity is to revive the small abandoned centres or to redevelop buildings in a state of abandonment, with a story that is our history."

There is a catch that brings costs up significantly (Getty Stock Images)

The catch, and it's a significant one

Trust me, I wish we were talking about stunning, rustic properties to snap up on the cheap. I'd already have mine before telling you lot about it if that was the case.

No, instead of that you're looking at needing to spend a good few grand to get them in to tip top condition. Some properties will need up to €50,000 (£41,900), according to reports.

Anyone who has ever bought a house knows that you'll also incur legal fees of a few thousand, with some councils asking for a 'guarantee fee' to prove you're all-in when it comes to the renovation.

And then once you've exchanged, you're given a window of between two and 12 months to get the ball rolling. So while it's a bargain, it's a serious project and not one you can simply throw 80 odd pence at and hope for the best.