BBC News - Hundreds apply for Stoke-on-Trent £1 houses 23 April 2013 Last updated at 07:48 More than 600 people have applied to buy rundown homes in Stoke-on-Trent for £1 each, the city council has said. Thirty five derelict homes, mainly two-bedroom terraced properties, will initially be sold off in the Cobridge area, with a further 89 to follow. Under the £3m project, the local authority is offering loans of up to £30,000 to help complete essential repairs on the houses. Potential buyers have until 21 May to register their interest. Stoke-on-Trent City Council said the initial 35 homes would be randomly allocated to the successful candidates. Those already living in the city will be given priority. In return for buying the properties, people will be required to renovate them and bring them back into use. They will also have to commit to living in the homes for at least five years. Councillor Janine Bridges, responsible for housing, said the scheme would "see a rundown area of the city transformed." "The project will not only benefit the residents who are currently living next door to properties that have been vacant for some time, it will also give families moving into the homes the chance to take their first step on the property ladder," she added. The council hopes to "build a community spirit" in the area and create "thriving neighbourhoods."