European homes' high cost pushes buyers to creativity - 2005-04-03
Jack Bowley had enough of paying rent with nothing to show for it and wanted to buy a home in London, where he works. Given how swiftly prices were rising, and how much of a down payment he would need for a mortgage, he couldn't reach the first rung of the ladder.
He and the two friends who were renting with him obtained a joint mortgage in late 2003 to buy a three-bedroom flat in Hackney, a developing area of East London, for 260,000 pounds (now about $500,000).
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