Britain's first £1million 'affordable' housing property
has gone on the market but its prospective buyer will need to earn
£82,000-a-year to cover the cost. The three-bedroom flat in Hackney, east
London, has come under fire from housing charities after being valued at
£1,025,000 with would-be homeowners offered a 25 per cent stake in the
property. It means that if prospective buyers only have the minimum deposit of
£12,813, they would need to be earning £82,000-a-year to get a mortgage on the
remaining £243,437. With this agreed, mortgage repayments on the 25 per cent
stake would work out at around £1,352-a-month. Housing association rent on the
remaining three quarters of £1,121, and an additional monthly service charge of
£250, would then push up the total monthly outgoings to £2,723. Read more on
the Daily Mail website.
