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

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.

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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.

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"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.