Found the home you are looking for, but struggling for the deposit? At Southern Housing New Homes, we know everyone’s circumstances are different, that’s why we are offering a scheme called ‘London Living Rent’ to help you get closer to purchasing a place to call your own.
London Living Rent homes are available to households with an income of less than £60,000, who currently rent or live with family or friends, but want to build up savings to buy a home. If you are currently living in Social Housing or on the Local Authority waiting list, you’ll be given priority when applying to our London Living Rent scheme.
Exclusively available in London boroughs, you’ll rent a London Living Rent home from Southern Housing New Homes, with the aim to buy that home within the next 10 years, either via Shared Ownership or as an outright purchase (that means no other home buying scheme is used, it’s just a mortgage and savings).
You can purchase the home at any time during the 10 year period, but you cannot rent it for any longer than this 10 year period. If you do not wish to buy the home you have been renting, you will have additional priority for other Shared Ownership homes across London.
You’ll pay a reduced rent of around 80% of the market rent amount, allowing you to save the remaining 20% toward your deposit for the future. Your tenancy is assured for 3 years, and the rent you pay will vary depending on the size of the home you rent, and which borough you will be renting in. So, if you’re wanting to buy a home in the future, but are struggling to save a deposit, London Living Rent with Southern Housing New Homes could make your home ownership dreams a reality.
London Living Rent FAQs
London Living Rent is an affordable housing scheme in London aimed at providing low and middle-income residents with access to high-quality, affordable rental homes. It offers a rent structure designed to be more affordable than market rents while still providing comfortable and well-maintained accommodation.
Eligibility criteria for London Living Rent can vary, but generally, you must be a London resident with a household income within specific limits. Eligibility requirements may also consider factors such as your current housing situation and the size of your household. Detailed eligibility requirements are typically available on the official website of the housing authority or organization offering London Living Rent properties.
London Living Rent tenancies are typically for a minimum of three years. However, the exact duration of your tenancy can vary depending on the specific development or property. It's important to review the terms of your tenancy agreement to understand the length of your rental commitment.
Your monthly rent under the London Living Rent scheme is typically based on your household income and the market rent value of the property. The aim is to set the rent at an affordable level, usually around one-third of your household income. This ensures the rent remains affordable for eligible residents.
If you choose not to buy the home within the 10-year period, the specific terms of your tenancy agreement will dictate what happens next. It's possible that you may continue renting the property at a London Living Rent rate. Alternatively, you may be required to move out, and the property may be made available to another eligible applicant. The exact terms can vary, so it's essential to carefully review your tenancy agreement to understand your options and obligations.