Families could save thousands as Hackney commits to London Living Rent
Private tenants in Hackney struggling to afford spiralling rents will be the first to benefit from a new genuinely affordable type of home after Hackney Council became the first borough in the capital to commit to getting 500 homes built at Sadiq Khan’s London Living Rent.
The new homes – a key part of new Mayor of Hackney Philip Glanville’s manifesto – will have rents based on a third of average household incomes in the borough and be offered to low and middle-income households facing rent hikes in the private sector.
In Hackney, London Living Rent could be set at around £1,000 – saving a family renting the average two-bed private flat £400 per month. Full details will be set out by the Mayor of London in the coming months.
The savings will help working families who are struggling to save for a mortgage deposit as house prices and private rents rise faster than wages.
The project will support the Council’s existing estate regeneration programme – the largest in London – which will see thousands of modern, high-quality homes for social rent and shared ownership built to replace ageing Council homes that are uneconomical to repair.
Hackney is already building more social housing than anywhere else in the capital, and we won’t stop building these badly needed council homes, but it’s also vital that there are more homes which Hackney residents on middle-incomes can afford to rent and buy.
The London Living Rent will help people who work hard but are getting priced out of our city, which is why I’m proud that my first act as Mayor is to pledge that Hackney will be the first borough to see 500 homes built at this affordable level.
We must make sure that all the people who make London the world’s greatest city, whatever their background, can afford to live here and take advantage of its opportunities, so I’m delighted to be working with Sadiq Khan to help make that happen.
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.