Our next-generation home could save you a quarter of a million pounds over your mortgage lifetime.
What’s your vision of affordable housing in the UK? In reality, we all know it’s usually pretty basic, and pretty ugly; probably sandwiched on to the end of an otherwise four-bedroom-detached-home-development to help get the planning permission.
These properties are intended for those who otherwise wouldn’t be able to afford to live in the area, but the profile of those for whom home ownership is well out of reach has been changing over recent years.
Priced out of the market
Gone is the stereotypical person in some form of need, and in their place is a shockingly large and varied proportion of the population – people from all kinds of communities who have simply been priced out of the market.
The UK government defines affordable housing as ‘social rented, affordable rented, and intermediate housing provided to specified eligible households whose needs are not met by the market’. But with house prices rising at a faster pace than wages year-on-year, most households – and indeed most millennials looking to move on to their first rung of the property ladder – are not having their needs met.
Buying your first home demands either years of sacrifice and savings, or a big helping hand from parents and family. But what if there was a different way?
What if an affordable, sustainable alternative was on offer? That’s where mi-pad® comes in – a revolution in house design that could put home ownership into the hands of many. Compared to the average three-bedroom house costing £284,000, mi-pad® retails at just £158,000 and has some weighty day-to-day savings too.
Putting life on hold
To run a traditional bricks-and-mortar home, you’d need a total gross salary of at least £23,285.95 per year for 25 years. For mi-pad®, that figure is just £11,306.98. The total difference in costs over the 25 years is a whopping £228,805.58 – which means for those owning a traditional home, life would very much have to go on hold.
And with millennials rightly demanding more, and more quickly, it won’t be long until we see a dramatic change to the housing status quo.
Find out more about how our circular house – made offsite and put up in one-day – makes for an amazingly affordable home… Read more