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You can find the current article at its original source at http://www.theguardian.com/money/2015/nov/05/homebuyers-camp-out-overnight-for-chance-to-buy-affordable-flat
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| People camp out overnight for chance to buy affordable London flat | |
| (35 minutes later) | |
| People were camping out in the street in the early hours of Thursday morning – some since the day before – in order to be first in line to purchase studio flats in a west London complex for £199,000. | People were camping out in the street in the early hours of Thursday morning – some since the day before – in order to be first in line to purchase studio flats in a west London complex for £199,000. |
| The new flats, based in the former UK headquarters of American Airlines, will not be ready to move into until the autumn of 2017. | The new flats, based in the former UK headquarters of American Airlines, will not be ready to move into until the autumn of 2017. |
| Because they are being built under government rules allowing a change of use from offices to residential, Galliard has not had to provide any social housing on the site. | Because they are being built under government rules allowing a change of use from offices to residential, Galliard has not had to provide any social housing on the site. |
| However, with more than 40% of the flats priced below £250,000, they are more affordable than many new-builds in London, and below the average house price for Hounslow, which is currently £383,500. | However, with more than 40% of the flats priced below £250,000, they are more affordable than many new-builds in London, and below the average house price for Hounslow, which is currently £383,500. |
| The development has been advertised heavily in the local London press, where would-be buyers were told buyers of similar apartments in the area “see resale values soar by up to 14% growth in 10 months”. | The development has been advertised heavily in the local London press, where would-be buyers were told buyers of similar apartments in the area “see resale values soar by up to 14% growth in 10 months”. |
| Monika, 38, an accountant from Poland, has been waiting in the queue since 10am on Wednesday. | Monika, 38, an accountant from Poland, has been waiting in the queue since 10am on Wednesday. |
| Her mother and brothers have been helping her by sitting in shifts outside the imposing Trinity Square building, which used to house the UK headquarters of American Airlines. | Her mother and brothers have been helping her by sitting in shifts outside the imposing Trinity Square building, which used to house the UK headquarters of American Airlines. |
| Monika, who has lived in the capital for 15 years, said: “We were thinking about buying one of the company’s flats in Hayes. I remember I came two hours after the doors opened there and 75% of the flats were already sold so we decided to come really early for this one. | Monika, who has lived in the capital for 15 years, said: “We were thinking about buying one of the company’s flats in Hayes. I remember I came two hours after the doors opened there and 75% of the flats were already sold so we decided to come really early for this one. |
| “We don’t know if there will be only one flat at £199,000 so just in case I wanted to be first in the queue. In Poland, like here, we are good at queuing so it’s OK.” | “We don’t know if there will be only one flat at £199,000 so just in case I wanted to be first in the queue. In Poland, like here, we are good at queuing so it’s OK.” |
| “Buying property is quite a high return and you can be sure the mortgage is paid. I’m thinking about my retirement. I believe after 20 years, I’ll have a good income so I can retire.” | “Buying property is quite a high return and you can be sure the mortgage is paid. I’m thinking about my retirement. I believe after 20 years, I’ll have a good income so I can retire.” |
| Shelinder Singh, 25, a business manager from Hounslow, has been in the queue since 5pm. He’s a first time buyer and the studio flat, if he secures it, will be the first home for him and his wife. They have been renting since marrying in 2013. | Shelinder Singh, 25, a business manager from Hounslow, has been in the queue since 5pm. He’s a first time buyer and the studio flat, if he secures it, will be the first home for him and his wife. They have been renting since marrying in 2013. |
| “I’m going for the cheapest one as its my first time buying property so I have to go for the one that is as cheapest as possible.” | “I’m going for the cheapest one as its my first time buying property so I have to go for the one that is as cheapest as possible.” |
| The doors will open to buyers at 5pm on Thursday and Singh will have pay a £2,000 reservation fee for the flat. After 21 days, he will have to pay 10% of the price followed by a further 10% nine months later. The final amount is due on the day of completion in autumn 2017. | The doors will open to buyers at 5pm on Thursday and Singh will have pay a £2,000 reservation fee for the flat. After 21 days, he will have to pay 10% of the price followed by a further 10% nine months later. The final amount is due on the day of completion in autumn 2017. |
| Singh thinks it’s a great deal. “I never thought I’d be able to buy anything as cheap as that in London. You can’t find anything in this area for less than £350,000.” | Singh thinks it’s a great deal. “I never thought I’d be able to buy anything as cheap as that in London. You can’t find anything in this area for less than £350,000.” |
| “I’m really excited about living somewhere I actually own.” | “I’m really excited about living somewhere I actually own.” |
| Analysis of official figures earlier this week found that the typical UK home costs more than 10 times the annual income of full-time workers. And the situation is only slightly better on first-time buyer homes, which cost almost eight times the average income. | Analysis of official figures earlier this week found that the typical UK home costs more than 10 times the annual income of full-time workers. And the situation is only slightly better on first-time buyer homes, which cost almost eight times the average income. |
| The average property in the UK is currently valued at £284,000 by the Office for National Statistics, while first-time buyers typically paid £215,000 to climb on to the property ladder. | The average property in the UK is currently valued at £284,000 by the Office for National Statistics, while first-time buyers typically paid £215,000 to climb on to the property ladder. |
| By contrast, the median gross annual earnings for full-time employees is £27,200, according to latest official figures. | By contrast, the median gross annual earnings for full-time employees is £27,200, according to latest official figures. |