Anyone heard of this then?
1-bed flats in London built for people with incomes of less than £90,000, sold at a 20% discount.
Seems… too good to be true?
p.s. they are still really expensive
ugh hate that style of website design, cba
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absolutely shitloads of people in London
tech people. finance people
not really what the thread’s about - if anything surely this initiative agrees with you?
prices on the currently available ones start at 167,000 and go up to £360,000 (although that is for a 2-bed)
it’s not clear if that’s including the 20% discount however as it says ‘full price’
I’d like to see how they prevent people from ‘flipping’ the property - presumably there’s a clause locking buyers in for a certain period of time as they say it’s not a shared ownership property - and I’d like to see how they prevent people from renting out the apartments or putting them on AirBnB.
I like the design of the units and think they’re a decent use of space. It doesn’t feel like a fudged answer to the problems in the market, but instead looks like a decent attempt to tailor the product to how many people now actually want to live in London.
It reads like the full price is set at 20% below the surrounding market rate.
Like a five-year fixed with a ‘no convert to rent’ clause?
Presumably then, the 20% discount would be recouped by higher interest rates over the term of the mortgage.
So cynical, marckee!
Not at all, but I do wonder how they have managed to make the 20% thing work and how they stop flipping, if it isn’t a shared ownership scheme.
If you move after the lock-in period (if there is one) then I wouldn’t count that as flipping.
All the completed ones are all reserved, and to find out about the upcoming ones, it looks like you have to live or work in the borough?
Where is all the promised storage in those designs? Under the bed?
More like out of pocket living! Mirite…
There are decent-sized cupboards in the hallway and master bedroom.
Quite nice looking flats
Let’s keep a note of anybody in this thread who pretends earning more than £90k’s quite common, then we’ll combine if with the list of people who pretend they earn £20+ an hour in the poll thread, then we’ll track them all down, bundle them into the back of a lorry, set it on fire and roll it off a cliff.
My point was that we should do bad, bad things to such compulsive liars.
I’ve stopped counting at this point, tbqfh. Seems vulgar.
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