Sadiq Khan launched the capital’s largest London Living Rent scheme in the Royal Docks. This initiative aims to help thousands more Londoners to rent genuinely affordable homes.
The mayor believes every Londoner deserves to have access to affordable housing with the opportunity to buy their own home. Last year, The Sugar Works development at Royal Wharf, Silvertown, struck a deal with the L&Q Housing Association.
This deal was responsible for building 12,000 affordable homes, making home ownership in the capital a realistic prospect for the many Londoners who feel priced out of the property market.
“It is part of my strategy to free up public land and to use it to build the homes that our great city so desperately needs,” Khan said. “It is no secret that it will take many years to fix London’s housing crisis, and we ultimately need Government support.”
Residents begin moving in this week, paying an average approximately two-thirds of the market rent, with the option to buy outright or as share ownership. The homes at Sugar Works range from studios to four-bedroom homes.
Lukman Ahmed, PRS & Commercial Director at L&Q, said, “This development at Sugar Works is a great example of how our partnership is delivering those much-needed affordable homes.”
With rent prices up to 50 percent cheaper than local market rents, ranging from £730 per month for a studio flat, £821 per month for a one-bed flat, and £1,094 per month for a four-bedroom property.
One of the first residents to move in to The Sugar Works, Ms Younus, said, “The process was quick and easy.”
“Gemma, Azelia and the team were very helpful throughout the whole process,” Younus said. “The flat is so affordable. It’s amazing to get a new build flat with two good size rooms and a balcony for £912.”
(LLR) scheme is an intermediate affordable housing product with low rents that vary precinct by precinct across London.
Eligibility is restricted to households that are currently renting, with a maximum income of £60,000 and who are not currently able to purchase a home in the local area. LLR is expected to actively support tenants into home ownership within 10 years.
“We are thrilled to be launching such a large project under the new London Living Rent scheme, giving more Londoners the opportunity to get on the first step of the property ladder,” Ahmed said. “Private rental market prices can make saving for a deposit incredibly difficult for some households in the capital, so we’re pleased to be supporting such an innovative programme.”
Author: Mumbi Ng’ona
Sub-editor: Miranda Tomlinson
[photo credit:Dionisos Olympian]