The Mayor Sadiq Khan has met tenants at the first homes being delivered for London Living Rent in the capital, kick-starting his new scheme to help more Londoners find a home they can afford.
The new London Living Rent will help middle-income earners save for a deposit by offering below-market rents, based on a third of average local wages. Rents in the County House development – where all homes are affordable, managed and owned by Hyde Housing Association – are up to 30 per cent cheaper than local market rents.
It comes on the same day the Mayor announced a new partnership with Hyde Housing Association to begin building up to 5,000 new housing starts over the next five years. With £115 million City Hall funding, there is an ambition for 60 per cent of the new homes – 3,000 new homes on sites across London – to be genuinely affordable to buy and rent.
Elaine Bailey, Chief Executive of the Hyde Group, said: “The number of working people in London who earn a decent wage but can’t get on the property ladder is growing all the time. These living rent properties demonstrate the Mayor of London and the Hyde Group’s desire to provide genuinely affordable homes for Londoners. We look forward to continuing our work with the Mayor and providing more London Living Rent homes for local residents.”