An affordable home scheme has opened to great fanfare, but unless prospective owners signed up early, they must bring in £56,000 a year to buy one of the units.

Property developer Inspired Asset Management (IAM) has converted the 1960s office block Green Dragon House into 111 flats, with prices starting at £249,950.

They are being targeted at first-time buyers who otherwise could not afford to buy in London.

Last February when the Croydon Guardian spoke to the company’s managing director Martin Skinner, the starting price was £160,000.

FROM LAST FEBRUARY: World's biggest P2P loan of £4.15m helps developer turn Croydon office block into flats

The first phase of the development sold off plan in just nine days but mortgage adviser Alvin De Suze said now people might need to have an annual ncome of £56,000 to get one.

Mr De Suze, of ADS Mortgage Solutions in Purley Way, said: “There are a few ways you can buy a new-build home.

“The Government has put in a few low-cost housing schemes with one being Help to Buy.

“[Without that scheme], with a 10 per cent deposit of £25,000 it would give a mortgage of £224,950 and you divide that by four meaning that applicant needs to have a salary or household income of about £56,000.”

Under the terms of the Help to Buy scheme a buyer would need a five per cent deposit and be able to borrow 20 per cent of the value from the Government interest free for five years.

This would leave them having to find a mortgage for the remaining £187,462.

Mr De Suze said the reason homes in Croydon town centre are getting so expensive is because of all the amenities on offer and its transport links.

For residents of Green Dragon House, in Croydon High Street, the amenities start before leaving the property.

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There are two roof gardens – one large sky garden on the 10th floor and a smaller second floor terrace with a table tennis table.

There is also a residents’ lounge, pool table and a kitchen area, plus access to a private room for yoga classes and group use.

It also has a concierge service, bike storage and website facilities.

Richmond and Twickenham Times:

Work is taking place behind the scaffolding at Green Dragon House

IAM managing director Martin Skinner said: “London is crying out for affordable housing and Green Dragon House is helping to fill that gap for desperately needed homes that real working Londoners can afford.

“These genuinely affordable private homes prove that through sensible deregulation and innovative design it is possible to deliver high quality, affordable private housing in London.

“As a result we’re delighted to be able to offer young professionals in London the opportunity to stop wasting money on rent and start investing in their own home.

“Thanks to our developments and the Conservative party's flagship right-to- buy election promise, home ownership is becoming more achievable again.”

Richmond and Twickenham Times:

Green Dragon House flats have impressive views