At the beginning of May 2017, London Mayor, Sadiq Khan met with some of the first residents to move into County House, our London Living Rent (LLR) scheme in Beckenham.
The scheme, which consists of 76 new homes, helps residents save for a deposit by offering below-market rents, based on a third of average local wages.
Rents at County House are up to 30% cheaper than local market rents in Bromley, saving residents £300-£400 a month. They can then use it to save for a deposit, with the chance of buying a home on a shared-ownership basis.
Hyde Chief Executive, Elaine Bailey, said: “The number of working people in London who earn a decent wage, but can’t get on the property ladder is growing all the time. These new homes demonstrate our desire to provide genuinely affordable homes for Londoners.”
The Mayor also announced a new partnership with Hyde to build up to 5,000 homes, 3,000 of them affordable to buy and rent, over the next five years.
He said it was great to see first-hand how LLR is helping Londoners afford to rent a home and crucially, to begin saving to get on the property ladder: “I welcome Hyde’s commitment to delivering these homes and investing in our partnership to build more new affordable homes for Londoners.”