The city of Newark sold seven blighted or vacant properties for $1 each in a lottery aimed at supporting their rehabilitation, reports Gaby Galvin in Smart Cities Dive. According to Galvin, “Mayor Ras Baraka bills the $1-home program, which targets low- and moderate-income residents, as a way to close wealth gaps and prevent corporate investors from buying up homes and hiking up the rent.”
Buyers will have access to a low-interest mortgage to fund repairs or construction. The properties include vacant lots, single-family homes, and multifamily buildings. “Buyers can’t be current homeowners, they must have lived in Newark for at…
Getamover analyzed Zoopla data, comparing average sale prices to listing prices and found that East Renfrewshire had the highest number of properties sold above their listed price.
An average home in East Renfrewshire initially lists for about £235,479, yet sells for an average of £272,187, showing an increase of £36,708 for potential buyers who are looking to purchase a house in this area.
David Burrows, head of Getamover, said: “Buying a home is expensive no matter where in the UK you choose to settle down, but a fantastic investment, this study gives huge insight into the most desired areas of…