A housing project in south London is selling flats with prices set according to local income levels.
By Dougal ShawA scheme in south London is trying a new approach to property ownership: flats that are only for sale to local people, at prices set according to what local people earn.
The 41-year-old civil servant is delighted with his new one-bedroom flat in Lewisham, in the recently completed Citizens House, a four-storey block of 11 homes.This flat cost him £215,000, about 35% cheaper than similar places nearby.About 500 locals developed his building with the help of Lewisham Council, the Greater London Authority and London CLT, a non-profit that helps neighbourhoods set up and run CLTs.
Other qualifying criteria include being able to get a mortgage, having a child in a local school and showing a demonstrable housing need.
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