So How Can a Pounds 400,000 Flat Be for Teachers and Nurses? ; Gilligan On Monday
Summary
JEFF ROOKER, the housing minister, was ebullient as he opened a block of new "affordable homes" called Maison Rouge, in Fulham. It was, he said, just the kind of thing London needed, a lifeline for those "key workers" on modest incomes who have been priced out of the property market.
At Maison Rouge, thanks to a Pounds 620,000 grant from John Prescott's Office of the Deputy Prime Minister, the bus drivers, nurses and police officers of Fulham, together with lucky nominees from the council's housing list, would be able to get themselves into the property-owning democracy by buying a share of their affordable flat, then renting the rest at a subsidised rate.See the full content of this document
Extract
So How Can a Pounds 400,000 Flat Be for Teachers and Nurses? ; Gilligan On Monday
That, at least, was the theory. But there is just one problem with this Third Way success story. Two-bedroom "affordable" flats at Maison Rouge cost as much as Pounds 403,000.
Even with the subsidy on the rent element, a 55 per cent share of an "affordable" Pounds 403,000 flat at Ma...See the full content of this document