20 Sep

London scheme to help renters

London scheme to help renters

Renters in London could benefit from a new scheme to help them step on to the property ladder.

London Living Rent is a new tenancy for affordable homes that mayor Sadiq Khan believes will help people save a deposit to purchase their own property in the future.

Renters will be offered a below market rent that will free up cash so they can put spare money into a deposit.

It is expected the new homes will be offered to those earning between £35,000 and £45,000.

Further details of the scheme are expected to be finalised over the coming months but a number of housing associations are said to be looking at signing up to the initiative.

"We know that fixing London’s housing crisis won’t happen overnight, and we need to do everything we can to help Londoners who are struggling to pay their rents. That’s why I’m working with housing associations and councils to build new homes for London Living Rent, homes that will offer hard working, low and middle income families an alternative to renting privately so they can get by and save for a deposit," explained the mayor.

Phil Glanville, mayor of Hackney, Phil Glanville, has already said Hackney will be the first borough to build 500 homes for London Living Rent.ADNFCR-1222-ID-801825446-ADNFCR

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