'Affordable’ property worth £1million is up for sale

There is an impressive property up for sale in Britain and it is worth £1million(approximately N306 million)

Tagged Britain’s first £1million ‘affordable’ housing property, the three-bedroom flat is situated in Hackney, east London.

The sixth-floor flat promises the new owners a 'stylish living' standard.

Here is how dailymail describes it:

'It is a contemporary development of stylish apartments, in a location that offers the opportunity to live London life to the full. Overlooking a small park to the front, you'll enjoy a calm oasis amidst the lively urban buzz.'

Due to it's extravagant price, a lot of housing charities have tagged the house as'out of reach' and 'unaffordable.'

Here is what Kate Webb, deputy head of policy at charity Shelter, has to say about the housing property:

'It's clear that when an "affordable" flat costs over a million pounds, our housing crisis has plummeted to new depths. Shared ownership schemes are there to help people on ordinary incomes get onto the housing ladder but, as house prices soar, even a small share of these supposedly affordable homes will be pushed well out of their reach. November's Comprehensive Spending Review is the government's last chance to turn around this crisis by investing in the genuinely affordable homes we desperately need.'

Clare Thomson, the chief executive of Islington and Shoreditch Housing Association (ISHA), the agency responsible for the three-bedroom apartment, responds saying that it still aims to assist despite the price.

'It does still, however, meet our objective of assisting people who would otherwise not be able to purchase in that area. The proceeds from shared ownership are invested in providing low-cost rent homes in the same area.'

Tom Chance, from the Green Party, gave his opinion on the situation.

'I don't think anyone can call a small share of a luxury flat for almost £3,000 per month affordable. If local prices continue to rise, and the owners buy up a bigger share of their home, it will be resold at an even more obscene price. We need to stop throwing money at the same old ideas and try something fundamentally different like community land trusts, which fix the price to local incomes.'

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