Tapori
Full Member
Genuine question. Since we've bought in London recently and this was a feature of every development we looked at. I thought ALL developments in London MUST have affordable homes of part of any new development ? Isn't it 15% or something like that, of the total space ?
Are you in Shanghai? Congrats on the purchase, Off-topic but I do have good sources that point to a significant collapse in house prices in London already occurring in central, so please watch the prices as when the market turns it will be sharp due to how much credit has been pumped into the market causing high amounts of leverage. Market is slow with very low transactions taking place which usually precedes a fall.
In answer to your question, "affordable" is vague, so a 500k flat may be classed as "Affordable," but really for most people it is not. The mayor wanted at least 50% actual affordable based on London average wages. Will probably be around 30-35. But that excludes social housing with affordable rents which are now routinely not included in these developments.
Brady's problem is that the Upton Park development should have a 25-25-50 split really, but what will happen is the same way she made taxpayers pay for West Ham's operational costs such as Police, security, maintenance etc, she will "get round" the minimum requirements for affordable housing or attempt to do so.