London Mayor launches ‘London Living Rent’

September 21, 2016

The London Mayor, Sadiq Khan set out the first details of his plans for ‘London Living Rent’ this week, while on a visit to the new Sugar Hill housing development in Harlem, New York City, all part of a five-day business trip to Montreal, Chicago and New York to spread his message to the US and Canada that London is open for business and a key destination for investment and tourism.

‘London Living Rent’ will be a new type of tenancy for newly-built affordable homes that will help average earners in the capital save for a deposit by offering them a below-market rent.

Further details of the new programme will be released in the coming months, but the Mayor has already begun working with housing associations and boroughs to kick start the delivery of new homes at these rent levels through their building programmes.

Sadiq Khan said: “We know that fixing London’s housing crisis won’t happen overnight, and we need to do everything we can to help Londoners who are struggling to pay their rents. That’s why I’m working with housing associations and councils to build new homes for ‘London Living Rent’ – homes that will offer hard-working, low and middle-income families an alternative to renting privately so they can get by and save for a deposit.”

Read the full report on the London.gov.uk website click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Estate Agent Talk

How Local Market Trends Affect Your Home’s Selling Price

Introduction When planning to sell your home, understanding local market trends is crucial. Whether you’re working with estate agents in Selby or estate agents in Leeds, these professionals emphasize the importance of market dynamics on your home’s selling price. Local factors such as supply and demand, interest rates, and economic conditions influence property values. These…
Read More →
Breaking News

The biggest Halloween rent hikes

Revealed – Where tenants have been haunted by the biggest Halloween rent hikes The latest market analysis from London lettings and estate agent, Benham and Reeves, has revealed which areas of the rental market are haunting tenants this Halloween, having seen the largest increase in the average monthly cost of renting since this time last…
Read More →
Breaking News

The UK’s anti-social behaviour hotspots revealed as Halloween looms

As Halloween looms, the latest research by over-50s property specialist, Regency Living, has revealed the nation’s most anti-social postcodes, based on the proportion of crime related to anti-social behaviour (ASB), with Ealing, Fylde, Westminster, West Lancashire and Chorley topping the table. Halloween may be a time for good-natured spooky fun, but for some, the fright…
Read More →
Home and Living

77% of homeowners against Halloween

The latest research from eXp UK has revealed that while Halloween may be growing in popularity across the UK, many homeowners are planning to use smart home technology to avoid the endless stream of trick-or-treaters knocking at their doors this Friday. The survey of UK homeowners, commissioned by eXp UK, found that more than three…
Read More →
Letting Agent Talk

What Leaseholder Reform Really Means for Managing Agents

By Robert Poole, Director – Block Management, Glide Property Management, part of LRG The past decade has seen a growing focus on leaseholder rights, and in the last few years, that focus has intensified into full-scale reform. With the Leasehold and Freehold Reform Act 2024 now enacted and further measures under consultation, managing agents are…
Read More →
Breaking News

Mortgage approvals bounce back in September

The property industry’s reaction to the latest mortgage approval data from the Bank of England. The latest figures show that: – Mortgage approvals on house purchases for September sat at 65,944 up (+1.5%) from 64,963 in August. Approvals are up slightly (+0.5%) when compared to the 65,628 seen in September 2024. This increase shows stability…
Read More →