To be legitimately affordable it should be no more than 4x median income for the borough, or for mortage payments to be no more than 30% after tax.
Great if you earn 60k.
I’m happy for Alex, but this is /r/aBoringDystopia stuff – there are probably only a dozen flats available in this development, which was government-subsidised, and Alex’s eligibility was determined by “proving a strong connection to the area” and because he volunteers for a local charity.
I’m sure he’s a nice bloke, but *everyone* should be able to afford a home.
Great scheme if it was rented relative to wages, but buying somewhere where you don’t get a significant uptick in value when you want to move means you end up back at square one.
> This flat cost him £215,000
> new one-bedroom flat
LOL.
“Other qualifying criteria include being able to get a mortgage”
Ah.
“Other qualifying criteria include being able to get a mortgage”
6 comments
215K is still overpriced.
To be legitimately affordable it should be no more than 4x median income for the borough, or for mortage payments to be no more than 30% after tax.
Great if you earn 60k.
I’m happy for Alex, but this is /r/aBoringDystopia stuff – there are probably only a dozen flats available in this development, which was government-subsidised, and Alex’s eligibility was determined by “proving a strong connection to the area” and because he volunteers for a local charity.
I’m sure he’s a nice bloke, but *everyone* should be able to afford a home.
Great scheme if it was rented relative to wages, but buying somewhere where you don’t get a significant uptick in value when you want to move means you end up back at square one.
> This flat cost him £215,000
> new one-bedroom flat
LOL.
“Other qualifying criteria include being able to get a mortgage”
Ah.
“Other qualifying criteria include being able to get a mortgage”
Ah.