The mayor of London, Boris Johnson announced a hire-purchase scheme that will help many families on the subject of property ladder.
A £42million plan for 500 flats has been devised, wherein the occupiers or families residing in rental flats have to shell out eighty percent of the total market price of the flat as rent. They have another option to opt for, incase they want to save on the extra money they are paying as rentals. They are free to purchase the flat any time at their convenience and the amount they have paid earlier as rent shall be subtracted from the total cost of the possessions.
Though the scheme sounds feasible it comes with a slight twist. The twist is that the buyer has to deposit a sum of £40,000 before making an offer within the zone.
Mr Johnson stated that this was done to bring down the housing crisis. The money earned is devoted for the economic development of the city.
Mr Blakeway, housing director of the Mayor said that they expected the worth of the properties to maintain with other homes but was helpless at the increasing rates of the flats.
Tony Tavers, Economic expert commented that the problem was the homes built earlier were for social housing and that there was a tremendous gap in the market.
He then concluded saying that it was the only way to overcome the problem especially when there is a slowdown in the construction industry.
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