House snapped up for a pound coin now worth 70,000 pounds

A Staffordshire couple who bought Britain's cheapest terraced house for just £1 are delighted to discover that it could now be worth £70,000.

When Lawrence and his wife Teresa Poxton won the bid to buy one of just 33 run down properties from Stoke-on-Trent City Council they admitted they felt like they'd won the lottery.

The council was desperate to clean up the area and offered potential buyers a £30,000 low interest loan to refurbish the derelict shells in exchange for a £1 deposit.

When the couple who have been together for ten years first applied to the council for the Denbigh Street property, the buildings were derelict.

Speaking of the moment they finally won their bid, Lawrence says, "For the last nine months I've been like a kid waiting for Christmas to move in".

As Stoke-On-Trent Council have spent £3million renovating run down properties, bus driver Lawrence and his wife were one of thousands of prospective buyers hoping to take part in the buyout. 

With just nine of the homes in Denbigh Street so far being renovated and the remainder boarded up. The Poxton's property has been transformed into their little palace with a feature staircase, spacious modern kitchen and bathroom and brand new carpets.

As security guards patrol the area 24 hours a day to ensure none of the properties are vandalised while the area is being improved, the couple are ecstatic to finally own their own home. 

Mr Poxton added, "It's like a dream come true for us".

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Richardson Law

Wilmslow Conveyancing Solicitors