The UK’s NHHO launched Keyworker’s Initiative-property at half the price

Posted under General by Jermaine

London’s keyworkers have got a life time opportunity to buy property at half the price. On the last Sunday, 20 July, the UK’s largest housing association Notting Hill Home Ownership (NHHO) launched Key Worker’s Initiative (KWI). Under the scheme teachers, nurses, social workers and police officials are offered flats at half the price.

On Sunday, 11 a.m. onwards, 50 flats were sold on first-come first-served basis. As per the scheme keyworkers are not required to pay monthly rent on the part of the property not owned by them. The lucky keyworkers could get a flat worth £280,000 for half the value without paying extra rent, except the mortgage payment.

NHHO’s Mark Vaughan was surprised to see people camping out at Parkside in Wandsworth, south London 3 days in advance in the July rain. He said that despite pessimism in the housing market, a good deal still attracts people to buy the property.

As per the information, the cheapest one-bed flat worth £222,500 at Parkside is costing £91,225 to the keyworker, while the two-bed flat worth £272,500 is priced at £122,625. The buyer would pay only monthly service charge of £150. The scheme is meant for the keyworkers who reside in London and earn less than £60,000 a year.