Sadiq Khan visits Beckenham residents benefitting from London Living Rent
PUBLISHED: 12:08 04 May 2017 | UPDATED: 12:46 04 May 2017
Greater London Authority
The new schemes aims to help people save for a deposit
Tenants benefitting from a new rental scheme met with the mayor of London Sadiq Khan yesterday (Wednesday).
The mayor was promoting the new London Living Rent scheme, which offers below-market rents based on a third of average local wages.
Affordable housing block County House in Beckenham offers rents up to 30 per cent cheaper than others nearby and are based on one-third of median gross household income for Bromley.
The initiative means residents renting out property can save for a mortgage deposit on the home they’re living in.
More than 75 homes are currently available at County House under London Living Rent.
Rents at County House, in Beckenham Road, are set at £965 per month for a one-bed property and £1,072 for a two-bed. This compares to average rents of up to £1,300 for a one-bed and up to £1,550 for a two-bed in Beckenham – leading to savings of between £300 and £400 a month.
“It is simply unacceptable that hard-working Londoners who fuel the economy of our great city are left in a position where they struggle to make ends meet,” said Mr Khan.
“Londoners know fixing the housing crisis will be a marathon not a sprint, but I am determined to do everything in my power to deliver more new and genuinely affordable homes to buy and rent.”
NHS worker Emma Mahama has already started saving following the move.
The 29-year-old said: “I was told about the London Living Rent scheme from an estate agent and to be honest, thought it was too good to be true.
“The fact you could buy the home you are currently renting was a huge decider for me. I earn a good wage in London, but the banks simply will not lend the amount needed to buy a property so you are forced to rent. On top of that the rents are so high you can never save for a deposit so, like millions of other young people in London, I faced little prospect of owning my own property. Now I can.”
Mr Khan also unveiled new plans to start work on 5,000 new homes over the next five years, with the hope 60 per cent will be “genuinely affordable” to buy and rent.
Elaine Bailey is chief executive of the Hyde Group, which is working in partnership with the mayor on the planned development.
She said: “The number of working people in London who earn a decent wage but can’t get on a property ladder is growing all the time.
“These living rent properties demonstrate the mayor of London and the Hyde Group’s desire to provide genuinely affordable homes for Londoners.”
Nabiel Hafez, 22, works at Canary Wharf and moved into his home with his partner in March. It is their first home together.
He said: “My girlfriend and I were looking online and we came across London Living Rent on a housing website. We fitted the scheme perfectly and so contacted them straight away. We viewed the property and loved it.
“We previously lived with our parents and didn’t have enough to move out or save for a deposit. The scheme has made us independent and we really feel like this is our home.”
If you value what this story gives you, please consider supporting the Bromley Times. Click the link in the orange box above for details.