RENT, SAVE, BUY
LONDON LIVING RENT AND RENT TO BUY WITH L&Q With nearly 60 years’ experience, L&Q is the capital's largest landlord and provider of affordable homes. For renters who are eager to step on to the property ladder, but can’t yet afford to do so, L&Q offers London Living Rent and, for those outside the capital, Rent to Buy
Both schemes enable you to increase your savings by renting at a discounted rate to what you would pay for a similar property on the open market. The main benefit is that through either of these schemes you can go on to purchase the property you already call home via shared ownership or on the open market. Andrea Palmer, Head of LLR at L&Q, comments, “ At L&Q, we are committed to providing affordable pathways to homeownership through both the London Living Rent and Rent to Buy schemes.These initiatives provide long-term support to those who are aspiring to buy their first home but are currently unable to do so. Set at discounted rates, London Living Rent and Rent to Buy provide an opportunity for would-be buyers to increase their monthly savings towards a deposit. Helping to break down one of the key financial barriers to homeownership is crucial – alongside providing a stable, quality home and real sense of community for all L&Q customers.”
CASE STUDY
Able to save close to £700 a month thanks to the London Living Rent scheme, Francesca Rapolla , a Scientific Affairs Manager, managed to buy a home in the capital in two years. She explains, “I had been living
at another Intermediate Rent development with a different housing provider, but when they changed the purpose of the building, we were told to move on. That was two years ago now, and it was at that stage that I came across L&Q’s London Living Rent homes at The Sugar Works in Royal Docks. I already knew about the development, so I was interested to find out more.” Francesca learnt that L&Q’s collection of studio, one, two and three bedroom LLR apartments at The Sugar Works were a short walk from Pontoon Dock DLR station, allowing for quick transport links into central London. All apartments at the development are finished to the highest standards, with modern fitted bathrooms, generously sized bedrooms, and open-plan kitchens with fully integrated appliances. 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 is set at one-third of the average local household income in the borough where the property is located. She comments, “I was really excited about the LLR homes at L&Q at The Sugar Works – they offered everything I was looking for in terms of location and neighbourhood amenities, transport links to work and specification. As a single renter, LLR was a fantastic option for me. It would enable me to rent a beautiful home at a discounted rate and put my savings towards a deposit. I was eager to buy in London, but it seemed out of reach on my own. I got a lot of guidance on managing my finances, and did a lot of research, so was ready to commit to making the monthly savings, which are flexible to your own goals.” After two years of saving under the LLR scheme, and with some support from her parents towards a deposit, Francesca bought a one bedroom apartment in the Royal Docks area on the open market. “The great thing about LLR is that you have an assured tenancy of a minimum of three years, so it allowed me to really plan out my savings journey, taking into consideration things like going on holiday and enjoying my lifestyle. I would absolutely recommend the scheme.” Looking ahead, she says, “I have a five-year fixed mortgage on my flat, so I’ll be here for at least a little while. I’ve settled in with my cats, Elsa and Camillo, and I’m enjoying being a homeowner – it’s all thanks to the savings I was able to put away as a London Living Rent customer.” L&Q is currently marketing London Living Rent homes across London, in Barking & Dagenham, Croydon, Hayes and Hendon. Please visit, properties.lqhomes.com/properties-to-rent/all for more information.
BARKING Barking Riverside
L&Q is offering one, two and three bedroom LLR homes at Barking Riverside, a new east London neighbourhood
bringing new homes, award-winning community facilities, transport links and green spaces. Increasing connectivity and providing quick routes for commuters, the development has its own Overground station on the Suffragette Line and an Uber Boat by Thames Clippers Pier. L&Q’s LLR homes feature flexible open-plan living spaces, a private balcony or terrace, spacious bedrooms, and kitchens with integrated appliances. Families moving to the development are well catered for with seven schools outlined in the masterplan, five of which are open.
properties.lqhomes.com/properties-to-rent/barking-riverside-1
*Minimum household income of £34,870 is required
CROYDON Queen’s Quarter
L&Q at Queen’s Quarter is a new collection of one, two, and three bedroom LLR apartments close
to shops, BOXPARK and East Croydon station. Homes have a balcony, integrated appliances, an en suite and access to a rooftop garden.
properties.lqhomes.com/properties-to-rent/lq-at-queens-quarter-2
*Minimum household income of £45,100 is required
30 First Time Buyer October/November 2024
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