The Deal
A picturesque home in the popular British seaside town of Looe could be yours for just £1. Cornwall Council has approved the sale of 11 flats, worth £640,000 each, to a community land trust in an effort to ease the housing crisis. The scheme ensures that the properties will remain as affordable housing for local people.
Residents Rejoice
The sale has been met with enthusiasm from residents. One long-term resident, Anne Edwards, described the project as wonderful and is pleased she will be able to stay in the coastguard flats. Another tenant, Christine Hodgson, believes that similar projects should happen across the country to address housing issues in other areas.
The New Owner and Plans for Renovation
The Three Seas Trust, the new owner of the flats, plans to spend approximately £1.5 million renovating the Grade II-listed homes. The trust will utilize government grants and a community share scheme to fund the renovations. The cottages will provide 11 one to two-bedroom properties with affordable rents of approximately £400 per month.
A Creative Solution for Affordable Housing
The project in Looe is seen as a creative solution to the area's desperate need for affordable homes. Olly Monk, the county councillor responsible for housing, praises the project as a way to address the housing crisis. A similar project in the village of Cawsand three years ago successfully renovated council-owned cottages and provided much-needed housing for local residents.
Help for First-Time Buyers
With house prices at an all-time high, many first-time buyers are struggling to enter the property market. However, there is help available. Through the government's First Homes scheme, buyers may be able to purchase a home for 30% to 50% less than its market value. Additionally, shared ownership schemes offer an alternative for those who cannot afford the full deposit and mortgage payments.
Overall, the £1 homes in Looe offer a glimmer of hope in Cornwall's housing crisis. The project not only provides affordable housing for local residents but also serves as a model for addressing housing issues in other areas.
Did you miss our previous article…
https://hellofaread.com/money/argos-to-close-store-in-spalding-but-theres-a-silver-lining/
