Saving for a deposit remains one of the biggest challenges for hopeful homebuyers in the capital. Offering a solution for renters looking to take their first step on to the property ladder, L&Q is delivering London Living Rent (LLR) homes in several London boroughs across the city.
Funded by the Mayor of London, LLR is a stepping-stone to homeownership, designed to enable current tenants to rent a home at a discounted rate, while saving towards a deposit for a first home. The rent for LLR homes is set at one-third of the average local household income in the borough where the property is located; this ensures monthly costs stay manageable and savings can be redirected for the long-term. London Living Rent tenants can go on to purchase a home either through shared ownership or on the open market. Plus, for many, a key benefit to renting an LLR home with L&Q is that it is possible to go on to buy the home that you already live and are settled in – somewhere you already know that you love!
Andrea Palmer Head of LLR at L&Q comments, “London Living Rent is an excellent option for middle-income Londoners who want to save towards buying a home. All properties on the LLR scheme guarantee tenants an assured tenancy of a minimum of three years and a maximum of 10, providing stability amid London’s ever-turbulent rental market. “For those interested in LLR, we recommend checking the eligibility criteria initially, to see whether you are eligible. If you live or currently work in London, meet the minimum income and affordability standards, this could be the scheme for you.”
With 60 years’ experience in the rental market, L&Q has established a broad range of LLR homes in neighbourhoods across the capital. This offering currently spans from Barking & Dagenham and Walthamstow in the east right across to Hayes in the west and Hendon in north London.
RAINHAM
L&Q at Beam Park FROM £725.12 PCM
Situated on the borders of Rainham and Dagenham, L&Q at Beam Park comprises a collection of contemporary one to three bedroom apartments, available through both LLR and shared ownership. It’s designed as a sustainable development, with a highly efficient water system, high levels of insulation and brown roofs across many blocks. A new public square, medical centre, schools, retail spaces and community facilities are also being delivered as part of the master plan.
HENDON
Rookery Grove FROM £949.82 PCM
In the north of the city, L&Q is bringing a new collection of LLR homes to Rookery Grove, alongside private rental apartments. Combining the best of urban living with city connections, the development caters to a wide range of renters, with studios as well as one and two bedroom apartments available. Residents moving to Rookery Grove are set to benefit from vast investment into the local area. The development is situated within the Brent Cross Cricklewood scheme, one of the biggest regeneration projects in Europe, which will see 150 retail stores, 50 restaurants, a cinema and a hotel delivered nearby, alongside new homes.
HAYES, MIDDLESEX
L&Q at Hayes Village FROM £814.95 PCM
Beatrice found her dream LLR home with L&Q at Hayes Village and is now looking to the future. “Because of LLR, I’ve managed to start saving towards a deposit and hope to buy my home soon.” The development is well-positioned for easy access into central London via Hayes & Harlington station which is within walking distance. A new collection of apartments will be launching at the development this year.
BARKING
Barking Riverside FROM £1,087.68 PCM
Presenting an opportunity for London renters to get a slice of life at Barking Riverside, a transformational neighbourhood on the banks of the River Thames, L&Q has released a brand new collection of one, two and three bedroom London Living Rent homes. One of Europe’s most ambitious new developments, Barking Riverside is a landmark neighbourhood bringing more than 10,000 new homes to east London, along with award-winning community facilities, transport links and green spaces.
To find out more about London Living Rent with L&Q, please visit: lqhomes.com/renting-with-lq/london-living-rent/
[12:15] Sophie Munnery
Prices correct at time of publication
