Foreign Property News | Posted by Si Thu Aung
A young family who spent £40,000 converting a £1 house into their 'dream home', have revealed their astonishment that it's now worth £125,000.
Mel and Rob Hilton-Phillip bought a dilapidated three-bedroom house from Liverpool City Council last February, and spent tens of thousands converting it into their first family home.
They opened up about the challenges of living in the near-derelict area on Channel 4's The £1 Houses: Britain's Cheapest Street, with Mel admitting she's scared to leave the house at night due to local vandals setting off fireworks and even using the street as a public toilet.
When curiosity got the better of them, they decided to see how much their home could be worth if they chose to sell - and were amazed when they discovered it could make them a profit of £85K.
In 2013, over a hundred terraced houses stood derelict in the Webster Triangle, a run-down area of Liverpool.
As part of a renovation project in the area, they were handed over to first time buyers for one pound each.
But five years into the project, the £1 house scheme is way behind schedule - and just 34 houses of the 138 in the project have been finished.
Mel and Rob Hilton-Phillip snapped up the chance to live mortgage-free in the area, and were excited to create their dream three-bedroom home.
But while they were overjoyed with their £40,000 renovation on the property, they remained concerned about the realities of living in a street which is full of derelict houses.
When they moved in they thought others would follow, but the community hasn't materialised.
Mel admitted that, despite the home being their sanctuary, it's not what they 'wanted to sign up for'.
She revealed: 'Even if we wanted to sell, we probably couldn't right now because the houses around us aren't full.'
Ref: Property Report
