First Million Pound 'Affordable' Housing Property Goes On Sale

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.

Amendment to Charities Bill As Right to Buy Threat Looms

The Quaker movement is backing a House of Lords amendment to the Charities Bill that will protect homes under threat from government plans to extend the right to buy to housing associations. The amendment was moved by Baroness Hayter and Bishop James Langstaff, who is also Chair of Housing Justice, and passed by the House of Lords on 20 July. The amendment inserts a new clause that reads: “Conduct of charities: disposal of assets: The Charity Commission shall ensure that independent charities are not compelled to use or dispose of their assets in a way which is inconsistent with their charitable purposes.” Read more on 24dash.