The development: 300 homes in beautiful Gittisham, home of the latest very posh and very popular “Pig at ..” hotel chain.
The bribe: £400,000
The catch: Allow Baker Homes to cut their “affordable” properties from 120 to 90.
So, for the likely cost of ONE of their new homes, let them build 29 more of them and see 30 families lose out on cheaper (but not cheap) homes.
Let’s say each new home cosy a very conservative £300,000 x in fact the average cost is likely to be MUCH more than that. Affordable homes would have cost £240,000 (a 20% discount).
120 homes sold at £240,000 = £28,800,000
180 homes sold at £300,000 = £54,000,000
Total income from sales: £88,800,000
90 homes sold at £240,000 = £21,600,000
210 homes sold at £300,000 = £63,000,000
Total sales = £74,600,000
Less £400,000 paid to council
Total income from sales = £74,200,000
Total increase in sales = £14,400,000
and all for an outlay of £400,000
If the houses DO cost even more the profit will be even higher.
So, what’s it to be Honiton? A bit of cash or 30 families done out of homes they MIGHT be able to afford – at a pinch?