London Turns To No-Frills “Naked” Homes To Help Solve Housing Crisis

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April 25, 2017

A new generation of homes in London will literally just be four walls and a roof over one’s head.

According to The Guardian, London mayor Sadiq Khan will subsidize “naked” homes that will sell for up to 40 percent less than standard new builds, and cost 15 percent less to build. The homes will have no partition walls, no flooring or wall finishes, and only basic plumbing.

London is one of the most expensive housing markets in the world, where the average home costs £580,000 (or $744,000). The naked homes will sell for between £150,000 and £340,000 (or $192,000 to $436,000).

The plan is to ensure that the homes are cheap enough that buyers will only need to spend a third of their gross income on mortgage payments – a widely used definition of “genuinely affordable” housing. Subject to planning consent, the apartments could be ready for occupation in 2020.

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