AFFORDABLE HOMES
London Living Rent and Rent to Buy schemes: is this a turning point for the rental crisis in the UK? SO FLEXI – THE WAY FORWARD
Kevin Sims, Director of Sales and Marketing, SO Resi
those who live or work in the London Borough of Ealing, showcasing the demand for affordable rent schemes. Our SO Flexi Slough site also launched last summer, with over 400 enquiries in the first phase and the whole site having been full reserved in just three weeks, again demonstrating the value of adapting the housing product to meet market needs. Our SO Flexi brand offers solutions to one of the major obstacles in the housing market of today, people unable to save alongside costly rental prices and therefore unable to build suitable deposits. We will be working alongside our residents throughout their tenure to help them achieve homeownership at the end of the contract. Through its SO Flexi brand, SO Resi has invested in London Living Rent and Rent to Buy schemes to help future buyers and open up as many avenues as possible. Our upmost desire is to offer a variety of options to cater to the needs of the market effectively. zoopla.co.uk/discover/property-news/average-rent-uk/ theguardian.com/commentisfree/2024/mar/28/living- with-parents-family-home#
young people aspiring to get a foot on to the property ladder – and one of the biggest barriers is the rental sector. Renting poses a host of issues for first time buyers and those looking to escape the rental trap, as it is extremely difficult to build up a suitable deposit alongside high rental costs. Our SO Flexi scheme offers residents the flexibility to pay into savings alongside their rent. New residents can live and save in high-quality, brand new housing, without the stress, insecurity and financial strain that private renting often brings, knowing that they have been given the tools to afford to purchase their home. Our newest development, SO Flexi Acton, which launched in February, comprises 57 one, two and three bedroom apartments all available on the London Living Rent scheme. The scheme provides rents at a discount of approximately one third of the medium household income, with the tenants using their savings to buy the property through the shared ownership scheme at the end of the three-year contract. This scheme has seen unprecedented demand with over 1,000 enquiries from
As we have passed the midpoint of 2024, it has certainly been an interesting year in terms of proposed new housing policies and ideas to get first time buyers on to that all- important housing ladder.There is also the small change of a new Labour Government and the aftermath of a General Election with Sir Keir Starmer now in charge – but how does this leave us for the rest of the year? Although rental rates have decreased somewhat since their peak in late 2022, rental prices in the capital are still at an average of £2,121 according to property portal Zoopla¹. “It is no secret that renting can pose a range of disadvantages in security and stability for potential buyers, and one of our main priorities is to put homeownership in reach with our pioneering SO Flexi schemes,” says Kevin Sims, Director of Sales and Marketing at SO Resi. Recent data has revealed that two decades ago, the most common situation for young adults (18-34) used to be living as a couple with children.Today, however, the most common is living with parents – standing at a shocking 40%². This reveals that we are failing a whole generation of
SO Flexi Acton The development will be located in the north pocket of the Acton Park Conservation Area. The site comprises 57 one to three bedroom apartments from £1,107pcm available to those who live or work in the London Borough of Ealing. Each apartment bene ts from its own balcony or terrace, carefully designed interiors to maximise space and natural light, and integrated Zanussi appliances to kitchens. There is a plethora of train links, with a 10-minute walk to East Acton (Central Line), a 10-minute walk to Acton Main Line (Elizabeth Line) and a 10-minute walk to Acton Central Overground station. soresi.co.uk/so exi/acton SO Resi Canning Town Coming soon – a selection of 37 one, two and three bedroom apartments available with shared ownership in the heart of Canning Town. SO Resi Canning Town recently launched off-plan, with the properties ready to move into at the end of 2024. Perfect for new families, solo buyers, or young professionals – SO Resi Canning Town is suitable for anybody. Plus, with brilliant nearby facilities like Billingsgate Market, the O2, ExCel London and Royal Riverside Dock, the apartments are in a prime location for a sociable lifestyle. soresi.co.uk/ nd-a-property/so-resi-canning-town
SO Resi Hendon Waterside This forms part of the wider Hendon Waterside development – situated next to the scenic Welsh Harp reservoir, a Site of Special Scienti c Interest, where residents can enjoy exploring the surrounding woods, trails and footpaths. Available here are 42 studio, one and two bedroom apartments, and two and three bedroom duplex homes, all available using the shared ownership scheme. Prices start from £84,375 (5% deposits from £4,219). soresi.co.uk/ nd-a-property/hendon-waterside/
40 First Time Buyer August/September 2024
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