Homes you can buy for less than £1 in gorgeous Italian town - but there's a catch

With house prices still high and mortgage rates continuing to soar, it's no surprise that UK homeowners are looking to move overseas for a more affordable way of life.

There are some bargain homes up for grabs at the moment in Italy as part of a 1 euro house scheme, which sees a variety of properties put on the market which you snap up for the equivalent of less than £1.

Some of the latest homes to go up for sale are in the gorgeous Italian town of Pratola Peligna. Found in the Apennine Mountains, in the Abruzzo region of Italy, the town is located nearby to winter sport resorts Roccaraso and Pescasserol and is around two hours away from Rome.

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The town is the latest region in Italy to start selling off super-cheap homes through the popular €1 home scheme, with up to 250 houses up for sale - but there are some catches, reports the Mirror.

First of all, the homes are usually doer-uppers which have been left derelict and require a serious amount of renovation to repair to a habitable state. This means you’ll need some decent savings in your bank to be able to bring the property back to life.

Many of these Italian towns have also imposed timeframes for buyers, giving them a certain amount of time to do up the homes. Abruzzo authorities have gone a step further by saying you'll be charged €10,000 if you don't file renovation plans within six months.

Owners are also being encouraged to complete refurbishments within three years. Available properties can be viewed on the town website.

It’s also worth noting that not every home ends up being sold for just €1, which works out around 85p. Some homes have ended up going for €5,000