The third round of applications to get hold of a new house for just £1 in Stoke-on-Trent has been launched by the city council.
The chronic shortage of new homes in the midlands is exposed today in a report by the National Housing Federation.
Nottinghamshire County Council have pledged £15 million to help first-time buyers get onto the property ladder.
Only 20% of homes for sale in the West Midlands are affordable for working families, according to the housing charity, Shelter.
They say there are not enough properties in the region that first-time home-owners can afford to buy.
To be eligible for one of the houses being sold for a pound in Stoke-on-Trent you must:
- Have a right to reside permanently in the United Kingdom.
- Be currently working at least 16 hours per week and have been in continuous and secure employment or self-employment for the last two years.
- Not own property whether in Stoke-on-Trent or elsewhere.
- Currently reside and have had your primary home in Stoke on Trent for the last 3 years immediately before the application.
- Have a gross income or a joint income of at least £18,000 and not more than £25,000 per year or £30,000 per year if you have dependent children.
- Agree to reimburse the Council for the improvement costs, with the Council providing low interest financial assistance.
- Intend and undertake to occupy the property as your main and principle home for a minimum period of at least five years.
- Not own assets valued at more than £10,000 in aggregate.
For full details of the eligibility criteria go to the Stoke on Trent city council website.
Stoke-on-Trent City Council worker Zainul Pirmohamed is the woman who came up with the idea to sell terraced houses for just £1.
She told ITV News Central reporter Chris Halpin how shocked she is the scheme now has global interest from places as far away as India, China and Australia, with foreign authorities looking at how they could adopt a similar project in run down communities abroad.
Michael Williams has lived in the area of Stoke-on-Trent where houses are being sold for £1 since 1988.
He says in recent years Cobridge gained a bad reputation for anti-social behaviour and drugs, but hopes the new council scheme to sell houses for £1 will give the area the boost it needs.
He hopes the new tenants will take pride in the community, and it will bring more investment to the area.
Tax worker Gavin Pierpoint has been successful in his application for a £1 house in the Cobridge area of Stoke-on-Trent.
Thirty-three houses owned by the council have been put up for sale for the tiny price to try and regenerate the area, where many of the terraced properties are boarded up and empty.
ITV News Central reporter Chris Halpin asked Gavin if he was concerned about living in what is now a run down part of the city.
Rachel Roberts says she's really looking forward to moving into her £1 house in Stoke-on-Trent.
The 31-year-old graphic designer got to see inside her new home on Rutland Road in the Cobridge area of the city for the first time today.
But she explained that part of the deal to get the house for just £1, is to have a proactive role in building the community spirit, as well as a new home for herself.
Today the first people to buy a house from Stoke-on-Trent City Council for just one pound, got to see inside their future homes.
Each new owner will take out a 30 thousand pound loan from the council to get the properties done up and pay it back in instalments.
And as Chris Halpin reports, the project now has international interest as far away as China.
A couple who have landed one of the £1 houses on offer in Stoke-on-Trent have said it feels "like winning the lottery".
Lawrence Poxton, aged 48, and his wife Teresa, 45, told ITV News Central they had been looking for somewhere to retire - and now have the perfect spot.
A couple born and bred in Stoke-on-Trent are among those who have been told their bid to buy a £1 house in their home city has been successful.
Lawrence Poxton, aged 48, and his wife Teresa, 45, have lived in a private rented house for 10 years - but are now property owners thanks to the scheme.
They say they want to invest for their future and help rebuild the community.
A total of 20 houses have been sold under the £1 scheme, with more up for grabs.