Thread by @ShaunBaileyUK

Londoners have been asking about my policy of 100,000 homes for £100,000 each.
 
They like the policy — but they want to know how it will work. Read on to find out!

THREAD

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It’s every Londoner’s dream to buy a home. And it’s the Mayor’s responsibility to make that dream a reality.
 
But homeownership has been out of reach for too many Londoners. So in my first term, I’ll fund the construction of 100,000 homes to be sold for £100,000 each.
 
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City Hall has more than enough money. @SadiqKhan was given £4 billion to build affordable homes. But he allocated 80% of it to building homes for rent.
 
If @SadiqKhan gets his way, a generation of Londoners will be locked into renting and unable to save a deposit.
 
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Each of these 100,000 homes will be Shared Ownership.
 
This means people can buy anything between 10% and 75% of a home, with a mortgage, and pay a subsidised rent on the remaining portion.
 
So the home is yours, and you can buy the remaining portion at any time.
 
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The average first-time buyer in London needs a deposit of £109,000. It takes Londoners between 17 and 23 years to save this.
 
Shared Ownership is a huge change. People can put down just 5% as a deposit, which cuts the amount of saving time from 23 years to under 2 years.
 
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This policy is for first-time buyers, under forty, who are living in a London household earning less than £90,000.
 
These are the people who’ve been let down by @SadiqKhan. This policy will make their dreams of homeownership a reality.
 
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