An ITV news report this week suggests that the starting price for ‘affordable’ housing in ‘The Spire’ - London’s tallest residential tower - has been set at £595,000 for a one-bed flat.
Tower Hamlets Liberal Democrats are calling on the local Labour Council and Labour Mayor to review the decision and make sure the flats are affordable for local residents.
Liberal Democrat Parliamentary Spokesperson for Poplar & Limehouse Elaine Bagshaw said: “Once again Labour are showing that they simply can’t be trusted when it comes to building homes that people already living in Tower Hamlets can afford.
To afford a mortgage on one of these “affordable” flats, you’d need to earn about £130,000 a year. In 2013, just under 50% of households had an average income of less than £30,000. These flats are more than four times what local residents can afford and it’s utterly shameful. These homes simply aren’t affordable for people already living in the borough, looking to stay near friends and family.
Lib Dems listen to you. Labour listens to developers. It's time for change in Tower Hamlets."