RENT, SAVE, BUY
RENT, SAVE AND BUY WITH SOVEREIGN NETWORK GROUP
London is an amazing place to live, with great career opportunities, a
vibrant cultural scene and entertainment and activities that cater to every taste
But for many, getting on the property ladder is out of reach and renting all too often means that trying to save the deposit to buy somewhere is all but impossible. London Living Rent can offer a solution. The first London Living Rent development was completed in Harrow in 2018 and a number of residents have benefited from affordable rents and have managed to save the deposit needed to move on to homeownership. WHAT IS LONDON LIVING RENT? With the help of funding from the Mayor of London, Sovereign Network Group is building new homes that are available to rent on stable three-year tenancy agreements and at affordable rents. This helps residents to save the deposit needed to move on to homeownership. WHY DO WE NEED LONDON LIVING RENT? The Office for National Statistics reported that rents in the capital increased 6.9% in the 12 months to November 2023 and tenants are often paying between 35-45% of their income on household costs. This reduces their ability to save a deposit for a house purchase. London Living Rents will vary according to where you live and are published each year for every neighbourhood. They are based on a third of average local household incomes and adjusted for the number of bedrooms in each home. WHO IS IT FOR? London Living Rent homes are targeted at middle-income households who want to save for a deposit to buy shares through shared ownership or the open market.
affordable to you. Some London Living Rent residents have looked further afield to buy a home outright. WHERE CAN I FIND A LONDON LIVING RENT HOME? There are several housing associations in the capital that build new London Living Rent homes or have an existing stock of London Living Rent homes that become available from time to time.You can search online through their websites or property portals like Share to Buy, Keaze and Love to Rent. Sovereign Network Group is a leader in the construction and management of London Living Rent homes with developments across London. We have recently
These households don’t qualify for social rented homes but are unable to save due to the high level of rent charged in the private sector. WHO QUALIFIES FOR LONDON LIVING RENT? To qualify for London Living Rent your annual household income must not exceed £60,000, you must either live or work in London, be unable to buy a home, including shared ownership, in the local area and not own a residential property in the UK or overseas. There will a minimum income requirement depending on the home suitable for you and you will meet lenders' general criteria to obtain mortgage finance.
HOW DO I MOVE TO HOMEOWNERSHIP?
let homes in Burnt Oak and Isleworth with new apartments due to be delivered in Acton, Edgware and Hayes in the second half of 2024.
Because London Living Rent tenancies can run for up to 10 years, you have time to save the deposit you need to buy a home.When you’re ready you can speak to your landlord and your financial adviser about buying shares in your home or shared ownership homes elsewhere in the capital that are
Juliana Goode, Senior Build to Rent Manager
networkhomes.org.uk
30 First Time Buyer June/July 2024
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