London’s dearth in available housing is seemingly making prices soar uncontrollably.
London is now more than 40% more expensive than it was ten years ago, according to the Living Wage Foundation and the Mayor of London, while the Office for National Statistics say the average price for a property in Britain’s capital is way over £500,000.
So it’s perhaps unsurprising that young Britons are camping out for two days straight and queuing up around the block to snap up a new “starter home” which comes in at £199,000.
Trinity Square in Hounslow, London, is London’s largest purpose-built starter home scheme, with 228 properties ranging from £199,000 – £315,000 in price. Over 40% of the entire development is priced below £250,000.
The flats are specifically designed and priced for first-time buyers and first-time investors by Galliard Homes and range from studio and larger two and three bedroom flats and penthouses. Already 1,559 people have registered a sales interest in the project.
A Galliard Homes’ representative told Business Insider that “some people camp out for 48 hours prior to the launch — at this new Hounslow project it’s anticipated that people will start queuing in the rain today for the launch which is tomorrow evening.”
“People will camp out overnight in sleeping bags and tents, this is what normally happens, which is an indication of the big lack of affordable housing across London — these flats are less than half the average price of a home in London.”
Galliard Homes usually experience hundreds of people flooding its viewings when it first opens, because the competition for affordable housing is so tight. These images of queues are taken from each launch day of previous developments.
It is likely that this will happen again later today.
The flats themselves are pretty impressive for “first time homes.” It is difficult to find flats at this price in London that are not either ex-local council housing or in an old block of flats. The new development is a luxury apartment block but at a third of the price of other similar looking properties:
Even the studio flats look incredible:
The bathrooms are also akin to those in a hotel:
As are the living spaces:
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