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| Stoke-on-Trent homes for £1 applications close | Stoke-on-Trent homes for £1 applications close |
| (35 minutes later) | |
| The chance for people to apply to buy derelict homes for £1 in Stoke-on-Trent ends later. | |
| Some 35 properties are due to be sold in the first stage of a £3m city council project to revitalise the Portland Street and Bond Street areas. | Some 35 properties are due to be sold in the first stage of a £3m city council project to revitalise the Portland Street and Bond Street areas. |
| The local authority said hundreds of people had shown an interest in buying one of the houses, with applications due to close at midday. | The local authority said hundreds of people had shown an interest in buying one of the houses, with applications due to close at midday. |
| The houses are only being offered to people already living in the city. | The houses are only being offered to people already living in the city. |
| Short listing is expected to start this week and the local authority said the homes would be randomly allocated to the successful applicants. | Short listing is expected to start this week and the local authority said the homes would be randomly allocated to the successful applicants. |
| Stoke-on-Trent City Council is also offering a £30,000 loan to allow people to make essential repairs, although that would need to be paid back within 10 years at an interest rate of 3% above the Bank of England base rate. | Stoke-on-Trent City Council is also offering a £30,000 loan to allow people to make essential repairs, although that would need to be paid back within 10 years at an interest rate of 3% above the Bank of England base rate. |
| Most of the 35 properties are two-bedroom houses, although some are three-bedroom. | Most of the 35 properties are two-bedroom houses, although some are three-bedroom. |
| If successful, the local authority hopes to sell off a further 89 homes over the the coming years in a bid to regenerate an area where many homes, along with the local pub and shops, are boarded up. | If successful, the local authority hopes to sell off a further 89 homes over the the coming years in a bid to regenerate an area where many homes, along with the local pub and shops, are boarded up. |
| Once the houses are sold, the city council said the project would look to improve the area, to try to "create a sustainable community". | Once the houses are sold, the city council said the project would look to improve the area, to try to "create a sustainable community". |
| Successful applicants will be expected to bring the homes back into use and live in them for at least five years. | Successful applicants will be expected to bring the homes back into use and live in them for at least five years. |
| If the house is sold within 10 years, a proportion of any profit must be paid to the council on a sliding scale. | If the house is sold within 10 years, a proportion of any profit must be paid to the council on a sliding scale. |