Affordable homes with half price rents launched in the Royal Docks
PUBLISHED: 13:13 12 February 2018
A housing association has launched its largest ever development of affordable homes in London in the Royal Docks this morning.
The 243 homes by L&Q Living in the Sugar Works development are available to rent at half the price of the private rental market.
As part of the London Living Rent project it costs around £800 to rent a one-bed property in the Sugar Works, which would cost £1,300 on the open market.
Their four-bed properties, which cost just over £1,000, would go for around £2,000 under private landlords in Newham.
James Murray, deputy mayor for housing and residential development, visited Sugar Works today.
He said: “What we see more and more of in London are homes where families could live, rented out to professional sharers.
“It makes it difficult for young families or couples to get on the housing ladder, because they haven’t got the multiple incomes to compete with sharers.
“London Living Rent is about having more affordable housing across the board, and it means that people who are from the area and who work in the area are able to stay there.”
LLR properties are aimed at those whose incomes are too large to afford social housing, but too small to enter into shared ownership schemes. The cheaper rents mean tenants can afford to save while renting, in order to eventually place a deposit on a home.
To qualify, tenants must be earning less than £60,000, already be renting in London, and must not have enough savings for a shared ownership scheme.
Asim Syed, 35, moved into one of Sugar Works’ two-bed flats with his wife Wahida, 34, this weekend. They had been living in Newham, where they own a marketing business.
He said: “We were sharing a house with another family, but my wife is five months pregnant so we wanted to move out.
“Living here, you feel like you’re almost the owner of a property which costs £900 to rent.”
Sadiq Khan invested £6.8 million into the Sugar Works development and has pledged to build 90,000 affordable homes by 2021. Two thirds of these will be under LLR or shared ownership schemes. L&Q Living has received £400 million to build 12,000 homes by this deadline.