Property hunters can now buy a house near Rome for less than a £1

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If you fancy owning your own property but don't have much money in the bank, then no need to worry.

That's because you can now own a home near Rome for less than £1.

The stunning town of Maenza, which is situated in Rome's Latium region and lies about 70 kilometres south of the Italian capital is the latest to join Italy's €1 Houses project.

The scheme, which was launched last year as the country, aims to combat towns and villages that were suffering from dwindling or ageing population.

Maenza is the first town in the Latium region to be included in the scheme, and it certainly has a lot going for it.

The town, which is high up on the wild Lepini hill, was previously home to shepherds and tribes.

This means that there are dozens of abandoned stone dwellings that are now on the market for less than a Costa coffee, as it's hoped new life with be brought to the region.

The town's mayor, Claudio Sperduti, called it a 'pact for the rebirth' of his hometown.

While speaking to CNN, he said he wanted to recover every disused crumbling property by liaising between old owners and potential buyers who'd be interested due to the low prices.

He said: "We're taking it one step at a time.

"As original families get in touch and hand over to us their old houses, we place these on the market through specific public notices on our website to make it all very transparent."

There are some restrictions for those seeking to buy will have to follow though, however. First is a commitment to renovating the properties.

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In fact, some of the properties on the market are in such a state of disrepair that they're currently considered dangerous to passersby.

It's expected that the renovations are done within three years of being purchased.

The new buyer will also have to pay a deposit guarantee of €5,000 (£4,300), which will be returned once the renovation works are completed.

Buyers are able choose what they want the property to become – for example a home, bed and breakfast, shop or restaurant – however they must have detailed plans and be able to file them to the town in order to get approval.

It won't be mandatory for buyers to live in the homes they buy and renovate, however.

Mayor Sperduti encouraged families with children and young couples who'd be interested in living in the town on a semi-permanent basis should apply.

Prospective buyers will apply to local officials who will then try to match them to their property requests.

The first batch of buildings are up on the market now, although applications close on August 28th.

Sperduti promised that more will go on the market though, meaning there look to be plenty more chances to get a piece of the Italian countryside to call their own.

Those interested in the properties can find out more here.

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