Britain’s first million pound ‘affordable’ housing property goes on sale

Britain’s first £1million ‘affordable’ housing property has gone on the market but its prospective buyer will need to earn £82,000-a-year to cover the cost.

The three-bedroom flat in Hackney, east London, has come under fire from housing charities after being valued at £1,025,000 with would-be homeowners offered a 25 per cent stake in the property.

It means that if prospective buyers only have the minimum deposit of £12,813, they would need to be earning £82,000-a-year to get a mortgage on the remaining £243,437.

With this agreed, mortgage repayments on the 25 per cent stake would work out at around £1,352-a-month.

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Housing association rent on the remaining three quarters of £1,121, and an additional monthly service charge of £250, would then push up the total monthly outgoings to £2,723.

Shared ownership schemes are designed to help first-time buyers and those on lower incomes enter the housing market.

Preference is given to local authority and housing association tenants, Ministry of Defence workers and people who live and work locally to Hackney.

• DailyMailUK