HomeWorkPlay is a non-profit, crowdfunding social enterprise made up of architects, solicitors, builders and engineers, that builds sustainable designer homes valued on local wages for first time buyers in London.
It was set up in November 2013 with the aim of helping first time buyers and key public sector workers get onto the housing market. With rising property costs and a shortage of homes in the capital, the initiative supplies flats indexed at local wages as opposed to market prices.
Architect Peter Morris launched HomeWorkPlay to enable first time buyers to get a foot on the ladder and set a precedent to encourage more architects to do social good through their work.
The value of the properties is based on the median wage of the area in which the homes are built. This figure is multiplied by a standard 25 year mortgage at an average of 5.5 per cent with a 10 per cent deposit. If people want to move they have to reapply the formula and sell their homes in the same way.
HomeWorkPlay currently has building projects in Clapham, Hackney and Tooting Bec offering properties ranging in size from one bedroom flats to three bedroom houses.