London Living Rent could be the answer to help you eventually buy your first dream home.
It is designed for people living in the capital, who want to build up their savings to eventually buy a home through shared ownership.
Funded by the Mayor, London Living Rent is designed to help people switch from renting to shared ownership. The homes are offered on a 3 year minimum tenancy and this can be extended to a maximum of 10 years. Tenants are supported to save by landlords and are given the option to rent at a discounted price. The savings made will then be used to save up for a deposit.
Put simply it is made up of 4 simple steps
• Find a London Living Rent home that suits you and your needs
• Rent the home at a discounted price
• Save the discount for your deposit
• You then have the option to buy the home you have been renting or another eligible property on a shared ownership basis
How much rent will I pay?
Depending on where you live in the capital determines how much rent you will pay. The Mayor publishes benchmark London Living Rent levels for each area on a yearly basis. These are based on a third of average local household incomes and adjusted for the number of bedrooms in each home.
Am I eligible?
London Living Rent is restricted to renters with a maximum household income of £60,000
Some of the other criteria you must meet include:
• You must be currently living or working in london.
• You must either have a formal tenancy or have an informal arrangement with family or friends as a result of struggling with housing costs
• You must demonstrate the ability to save towards a purchase deposit
• You must not own another property in the UK or abroad
• You are unable to currently buy a home (including through shared ownership) in your local area.
How do I find a London Living Rent Home?
All properties available through this scheme are listed on the Mayor's Homes for Londoners property search tool online
To find out more on london Living Rent and see if it can help YOU get on to the property ladder please visit the Government website and join us at nationalhomebuyingweek.co.uk