Hundreds more Londoners will be able to rent a genuinely affordable home and save money for a deposit to buy it, as the capital’s largest London Living Rent scheme launches in the Royal Docks.
Sadiq Khan has invested £6.8 million into The Sugar Works development at Royal Wharf, Silvertown, where housing association L&Q will deliver 243 London Living Rent homes – part of their deal struck with the Mayor last year to build 12,000 genuinely affordable homes including those based on social rent levels. The homes at The Sugar Works range from studios to four-bedroom homes, with residents, moving in from this week, paying on average around two-thirds of the market rent, and being able to purchase their home – either as a Shared Ownership or an outright sale – in the future.
The Mayor believes every Londoner deserves to have access to genuinely affordable housing and the opportunity to buy their own home. Delivering a manifesto commitment, the London Living Rent is helping middle-income earners who would otherwise typically be struggling in the private rented sector save for a deposit by offering rents based on a third of local average wages. In addition, it makes home ownership in the capital a realistic prospect for the many Londoners who feel priced out of the property market.
Rents in The Sugar Works are up to 50 per cent cheaper than local market rents, and range from £730 per month for a studio flat and £821 per month for a one-bed flat up to £1094 per month for a four-bedroom property. This compares to average rents of up to £1,394 for a one-bed flat and £2,171 for a four-bed in Newham – leading to savings of between £573 and £1,077 a month.