Yes, apparently another corruption of the language, (I did not realise) 'affordable' means 'inexpensive' (also 'reasonable priced' which really is not the same) and NOT 'able to be afforded' (as was Jenson Button's new £5M house).
Affordable house, not great lighting
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And that house might also have been reasonably priced.
For certain values of 'inexpensive'. Developments of more than a certain size have to contain a certain %age of 'affordable' homes. For this, 'affordable' means £250,000 in most of the country but £400,000 in London.
If it were only that simple, Stephen.
AAAIK The government definition of accordable housing states it must be provided at a level at which the mortgage payments on the property should be more than would be paid in rent on council housing, but below market levels.
So work that out....
AAAIK The government definition of accordable housing states it must be provided at a level at which the mortgage payments on the property should be more than would be paid in rent on council housing, but below market levels.
So work that out....
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It's just Government/Council speak making out they are doing something to combat the housing crisis.
That is - a certain number of cheaper homes must be built in each development because the developers want to build more expensive ones as they make more profit on them.
Whatever the definition affordable houses cannot be bought by those who cannot afford them.
That is - a certain number of cheaper homes must be built in each development because the developers want to build more expensive ones as they make more profit on them.
Whatever the definition affordable houses cannot be bought by those who cannot afford them.
@Taylortwocities I certainly read the figures I quoted somewhere but I can't find a source now.
The definition you quote makes sense to me (in that I can understand it) but is somewhat vague and will normally cover a wide range. Maybe the figures I quoted were a 'worked example', showing a typical value that meet the definition.
The definition you quote makes sense to me (in that I can understand it) but is somewhat vague and will normally cover a wide range. Maybe the figures I quoted were a 'worked example', showing a typical value that meet the definition.
And then having agreed a % of cheaper ones as a condition of planning approval, once they have started they go back and say "sorry - we have found that we can't afford to have that many cheap ones after all", and the planners just roll over and say "here - please use my KY jelly".
The 250K and 400k sound like help to buy isa figures to me
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