New homes and shops are to be build at Robin Hood Chase in St Ann's, after Nottingham City Council granted planning permission.
Developers, Wilmott Dixon, have been granted permission to build 45 apartments, three retail units - including a new supermarket - and a public square.
Councillor Jon Collins, Leader of Nottingham City Council, said:
I visited Robin Hood Chase in December to see first hand the demolition work that is already underway...
... I am pleased that the redevelopment of this site can start to progress now that planning permission has been granted, and look forward to seeing the redevelopment work taking shape to bring this site back into full use.
In the East Midlands 52% of houses were affordable for first time buyers last year. In the West Midlands it was just 13% of houses - that's according to figures from the Halifax.
House prices are deemed to be affordable if they cost up to four times earnings.
Nationally the number of first-time buyers grew by around one fifth in 2013, marking the strongest annual increase in more than a decade.
Private sector rents have risen twice as fast as wages over the last twelve months.
But according to research by a major lettings network, the West Midlands recorded the sharpest monthly drop for November, decreasing its average monthly rent by 2.6% to £542 per month for November.
LSL Property Services, which owns the lettings chains Your Move and Reeds Rains, says
average rents across England and Wales stood at £753 per calendar month in November, representing a 1.6% increase compared with the same time last year.
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.
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.Read the full story ›