Posted by: Adam Whitehouse
…a world where property prices are set by what you and everyone else is earning! Imagine… no mad rush to save for a deposit, properties just as affordable in 10 years-time, maybe? This means property would no longer be a means of making profit, just somewhere to live!
Science Fiction, perhaps? But no, this is the basis of a brave experiment in East London about to happen though a Community Land Trust, allowing people to buy their own home which otherwise would be impossible, with future value determined by moves in average local wage levels as measured by ONS.
Sure, a big ‘downside’ possibly when they want to move in the future, but perfect for hard working folk to obtain their own home free of the risk of landlord eviction.
Worth watching with interest…
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