Housing association SO Resi, part of Metropolitan Thames Valley Housing, has launched into the London Living Rent sector for the first time.
The provider will offer 52 one, two and three-bedroom apartments in Acton, while they will be available through its dedicated ‘SO Flexi’ brand, which offers a host of affordable rental schemes.
Kevin Sims, director of sales & marketing at SO Resi, said: “We have been met with incredible demand with previous affordable rent schemes which enforces that schemes like London Living Rent are not just a want for potential homeowners – it is a need.
“Our SO Flexi brand offers solutions to the one major obstacle in the housing market of today, which is unattainable rent stopping people from saving for deposits. We will be working alongside our residents throughout their tenure to help them achieve home ownership at the end of the contract.
“Acton is also a hugely exciting location for London Living Rent and we will be working towards Ealing Council’s target to deliver 4,000 affordable homes over the next five years.
“Our scheme isn’t just here to meet targets however, it is here to meet the genuine needs of Londoners and help as much as possible with the housing crisis in the capital. We launched our first SO Flexi site over the summer in Slough and was inundated with demand, and we expect Acton to be much the same.”
To qualify for SO Flexi Acton and London Living Rent, residents must either live or work in the London Borough of Ealing, have a current formal tenancy agreement, not own a home or be able to buy a home on the open market, and have a household income below £60,000.
The scheme offers rents at a discount of approximately one third of the local median household income on a three-year contract, with rents starting at £1,107 per month for a one-bedroom apartment.
Tenants will be encouraged to use the savings from the discounted rent to save up for a deposit, to purchase the property using Shared Ownership at the end of the rental term with the view that all homes will be sold in ten years.
