Posted 1 Aug, 2023
In this article, we will explain what the London Living Rent Scheme offers, eligibility, and provide a comparison with Shared Ownership in London.
What Is the London Living Rent Scheme?
The London Living Rent Scheme is a government-funded program that offers affordable housing options for residents of London.
Housing providers who receive funding from the Greater London Authority (GLA) are required to advertise their London Living Rent properties on the GLA's Homes for Londoners property search tool. When there are multiple eligible applicants, housing providers should determine priority through the use of a local intermediate waiting list, a priority group identified by the local borough, or on a first-come, first-served basis as a last resort.
Additional prioritisation criteria can be introduced by local authorities and housing providers for the first three months of marketing an intermediate home, but these criteria must align with the London-wide eligibility criteria if the home remains unoccupied after the initial three-month period. Housing providers are responsible for ensuring that the eligibility and prioritisation criteria are met.
How is rent determined?
The rent for the London Living Rent scheme is determined based on one-third of average local household incomes, as defined by the GLA (Greater London Authority). This means that the rent is set at a lower level than market rates to make housing more affordable for Londoners.
The rent is reviewed annually and increased in line with the Consumer Price Index (CPI). Additionally, for three-bedroom homes, the rent is set at no more than 10% above the rent for a two-bedroom home to ensure affordability.
Am I eligible for the London Living Rent Scheme?
The eligibility criteria for the London Living Rent scheme are as follows:
The property must be located in London.
The housing provider must be funded by the GLA (Greater London Authority).
You must be a UK resident.
You must be unable to afford to buy a property through Shared Ownership or on the open market.
You must live or work in London.
You must have a formal tenancy or live in an informal arrangement with family or friends due to struggling with housing costs.
The household income must not exceed £60,000.
- You must not own any other residential home.
How do I apply for the London Living Rent scheme?
To apply for the London Living Rent scheme online, you can follow these steps:
- Visit the official website of the London Living Rent scheme
- On the website, navigate to the section that provides information about the scheme and its eligibility criteria.
- Read through the eligibility criteria carefully to ensure that you meet all the requirements.
- Once you have confirmed your eligibility, look for a link or button that says "Apply Now" or something similar. Click on it to start the online application process.
- The online application form will require you to provide personal information such as your name, contact details, and current living situation. Fill in all the required fields accurately.
- You may also be asked to provide supporting documents to verify your eligibility. These documents may include proof of income, proof of residency, and identification documents. Make sure you have these documents ready in digital format to upload during the application process.
- Double-check all the information you have provided before submitting the application. Ensure that there are no errors or missing details.
- After submitting the application, you may receive a confirmation email or reference number. Keep this information safe for future reference.
- The application will be reviewed by the relevant authorities, and you will be notified of the outcome via email or other communication methods specified by the scheme.
- If your application is successful, you will be provided with further instructions on how to proceed with the London Living Rent scheme.
Remember to regularly check your email or the scheme's website for any updates or additional information regarding your application.
Frequently Asked Questions (FAQs)
How long are tenancies under this scheme?
Tenancies under the London Living Rent scheme can range from a minimum of three years to a maximum of ten years.
How much will I pay in rent if I take part in this programme?
Rental prices vary depending on where you live in London. Monthly costs are calculated using a third of average local incomes and take into account how many bedrooms your property has.
Am I eligible for the programme if I already own another home?
No, you are not eligible for London Living Rent if you already own another home.
Is Guinness Homes part of the London Living Rent scheme?
No, we do not currently offer properties through the London Living Rent scheme.