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London Living Rent homes will be available to households on Assured Shorthold Tenancies, with the rent allowed to increase by up to the rate of CPI inflation each year. On re-let, the rent should revert to the applicaple London Living Rent level, or lower. Rents for London Living Rent homes vary according to their number of bedrooms.
From our unique outdoor amenities to our homegrown culinary and active lifestyle opportunities, we've got the live, work, play taken care of - all within steps of your front door. If you are interested to invest in one of our schemes, we welcome the opportunity to explore these different options with you. Network Homes has been dedicated to providing quality homes since 1974. We ensure our homes are designed for contemporary lifestyles meeting all your home comfort needs. So when you move in, you can rest assured that we know what we are doing.
Eligibility for London Living Rent
All just 500m from Stratford International Station and 650m from the Copper Box Arena. Natural beauty, affordable living, modern design, all in our burgeoning downtown. At London Living, we believe a true community isn't cookie-cutter with a clubhouse – it should seamlessly meld into its surroundings. That's why we chose to thoughtfully restore some of the greatest buildings in Downtown Johnson City, your basecamp for adventure. When you're ready, you have the option to buy the home you've been renting on a Shared Ownership basis. Network Homes will support you to save during your rental stay, so you can buy at your own pace.
The scheme provides high quality rented homes on stable tenancies, with rents based on a third of local household incomes. The idea is that the money you save on your rent can be put towards savings for buying a home, but there is no requirement that you must save money for a mortgage while renting. The Mayor would prefer the discounted market rent to be at London Living Rent levels throughout, but the SPG also provides details on other options. In either case rent rises should be limited to the CPI growth rate within tenancies. London Living Rent is one of the types of ‘genuinely affordable’ homes funded by the Mayor. The others are Social Rent and ‘London Affordable Rent’, for households on low incomes, and ‘London Shared Ownership’.
Tenancy terms and rent increase
This is available on a variety of new-build properties for first time buyers and is subject to the property price, the subsequent price cap in that region and the developer offering the option. But with something called the London Living Rent scheme, you might be able to find discounted properties to rent in London while you save to buy your first home. Discounted rental contracts can be renewed, if needed, for up to 10 years after the launch of each scheme; during which time, you will be able to gradually build up your deposit. The open plan kitchen and living room area features a fully integrated kitchen, and there is a spacious fitted wardrobe and soft carpet in the bedroom, underfloor heating throughout and wooden floors in the living area.
Creating great living spaces in all parts of London for affordable renting allows our tenants to save for a deposit towards the purchase of their own home. The SPG thus advises that each 'build to rent' scheme should be assessed on its own viability, with the intention of maximising the supply of intermediate rent, preferably at London Living Rent levels. LLR allows you to rent a home at a discounted rate, often up to 50% less than you would expect to pay for a similar property on the open market.
Moving to Home Ownership
The discount you are offered will also depend on the area you live in. According to the London Assembly, the Mayor publishes benchmark London Living Rent levels for every neighbourhood in the capital, updated annually. These are based on a third of average local household incomes and adjusted for the number of bedrooms in each home.
London Living Rent provides high quality rented homes on stable tenancies, with rents based on a third of local household incomes. The rent levels are derived from average local incomes and ward-level house prices using a multi-stage process, set out in the PDF note at the bottom of this page. Broadly, the rent for a 2-bedroom property is based on one-third of the local median household income.
Similar properties
Some properties require you to live or work in the local area in order to be eligible to buy them. By knowing the areas in which you live and work, we can make sure you see everything available to you. Downtown Johnson City is more than just urban living – it's your basecamp for adventure.
The scheme was first introduced in 2017 by the Mayor of London Sadiq Khan. London Living Rent was re-pushed during the pandemic as key workers were offered rental prices around 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord. Already working with a range of partners, we are currently exploring opportunities to collaborate with the Local Authorities in London Boroughs on a more sustained basis. Our property development and construction experience can mean a Local Authority does not need to rely on in-house capabilities, whilst gaining the affordable housing needed within their area. Saving for a deposit on your own home is difficult if you are juggling high rents to landlords as well as the everyday costs of living in London. Moving out of London may reduce your housing costs but then you have the increased costs of a commute into London to your job.
You can also find London Living Rent Homes via Share To Buy, which advertises homes available to rent via the intermediate rent scheme. London Living Rent is designed for people who are currently renting and want to get onto the property ladder but can’t afford to do so yet – either through shared ownership or on the open market. Find Out More If you are a private landowner with a plot of land to sell, we have the expertise to review the viability of building different schemes and we offer a fair market price. However, these eligibility and prioritisation criteria must cascade to the London-wide eligibility criteria if the home has not been let after the initial three month marketing period to ensure that homes are not left vacant. As set out in my Supplementary Planning Guidance , there are currently insufficient existing 'build to rent' schemes to identify a standard expectation for affordable housing provision. As a final affordability safeguard, the rent for any individual home must be at least 20% below its assessed market rent.
Eligibility for London Living Rent is restricted to Londoners that either have a formal tenancy or live in an informal arrangement with family or friends as a result of struggling with housing costs. In addition, eligibility is restricted to households with a maximum gross household income of £60,000 and those who are not currently able to purchase a home in the local area. See ‘Allocations and priority’ above for more details on how London Living Rent homes are allocated. London Living Rent is an intermediate affordable housing product, with rents based on one third of average local household incomes. London Living Rent is targeted at middle-income households working or living in London who are looking to build up savings for a deposit to purchase a home. London Living Rent is a type of intermediate affordable housing for middle-income Londoners who want to build up savings to buy a home.
Using the two-bedroom rents for each ward as a benchmark, the rent for a 1-bedroom home is 10% lower; for a 3-bedroom home a maximum of 10% higher; and for a 4-bedroom home a maximum of 20% higher. Housing providers will be expected to satisfy themselves that households can afford to both pay the rent and accumulate savings, using standard affordability tests. To ensure family-sized London Living Rent homes are affordable, the rent for a 3-bedroom home will be set at no more than 10% above the 2-bedroom rent.
Do you want to buy a home of your own but are unable to save a deposit because you are renting elsewhere? Useful advice and support available to hopefully reduce the impact of rising household outgoings. Several councils are also interested in delivering London Living Rent on new or ongoing schemes, whether through the Housing Revenue Account or through separate companies. The GLA will work with interested boroughs to identify any obstacles to council-led London Living Rent delivery. Housing providers funded by the GLA are required to advertise their London Living Rent properties on the GLA’s Homes for Londoners property search tool.
women on the reality of getting on to the UK property ladder
The main benefit to renting an LLR home is that you can go on to purchase the property that you already call home. As an LLR renter, and through our shared ownership scheme, there is no need to move elsewhere when you’re ready to purchase. We already have properties available now, with the monthly rent of an average 2-bedroom home roughly only two-thirds of the median market rent. The amount of rent you pay will vary according to where you live in London. As a renter with us through our shared ownership scheme, there is no need to move elsewhere in order to purchase.
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