HOMES AVAILABLE WITH LONDON LIVING RENT

WHITE CITY Macfarlane Place

As part of the iconic Television Centre development, Macfarlane Place sits within the new sought-after hotspot, White City, and features a stylish collection of one and two bedroom apartments available through London Living Rent (due to launch January 2024) and shared ownership (due autumn 2023); including spacious wheelchair-adaptable homes.*

The apartments feature contemporary kitchens, sleek fittings and fixtures, spacious carpeted bedrooms and private outdoor spaces. In addition, the development also benefits from landscaped communal podium gardens.

White City is positioned for excellent transport connections, unrivalled retailing, world-class education facilities, a wealth of social and cultural establishments and an established employment hub. Adjacent to Westfield shopping centre, everything is within easy reach connecting you across the capital by tube, rail, bus and cycle networks.

For more information about Macfarlane Place, register your interest at peabodysales.co.uk

*Wheelchair adaptable apartments available with parking.

New Research On Renting Privately

Market Financial Solutions, the specialist lender, commissioned an independent survey among a nationally representative sample of 2,000 UK adults – 702 respondents were tenants and 211 were landlords. It found that 58% of tenants have seen their rent increased in 2022, with one in two (49%) worried they will not be able to afford rent in 2023.

• 58% of tenants have seen their rent increased in 2022

• 49% are worried that they will not be able to pay rent in 2023

• 48% of landlords have had to increase rents due to rising interest rates and higher mortgage repayments

• 56% would allow flexibility on rental payments in the midst of the cost-of-living crisis

• 77% of tenants say that more needs to be done to control rental prices in the UK

First Time Buyer comments, “With statistics like this, London Living Rent is a very attractive and viable way to rent an affordable home and begin the journey to get on to the property ladder.”

As one of London’s key affordable homes providers, we know that the so-called traditional route to homeownership is no longer accessible to the majority of first time buyers.

London Living Rent is a crucial foothold in the renting to homeownership pipeline for first time buyers, and falls under the umbrella of shared ownership. In a nutshell, this scheme allows first time buyers to rent a high-quality home in London with a secure long-term contract, and most importantly the monthly rental cost is based on a third of average local household incomes and adjusted for the number of bedrooms in each home. We have found that unstable rental housing is a significant hurdle to homeownership, which is why we are offering long-term secure tenancies with capped annual rental increases. The below market average rent will allow tenants to set aside savings in order to build up a deposit and eventually be able to afford to purchase the property themselves through shared ownership. To ensure the scheme is helping the people that need it the most, tenants must have a maximum household income of £60,000 and be ineligible to buy a home through any other means, including shared ownership.

Esaiyas Mollallegn, Head of Marketing, SO Resi

Isleworth

St John’s Road

1 bedroom apartment from approximately £907.60 per month

2 bedroom apartment from approximately £1,008.44 per month

3 bedroom apartment from approximately £1,109.29 per month Rents are exclusive of bills and council tax. Rents subject to change for 2023-24 financial year.

These spacious and light open-plan one, two and three bedroom apartments are offered by Network Homes through London Living Rent. Living spaces feature high ceilings and there is a fitted wardrobe in the main bedroom. The larger one and two bedroom apartments include an en suite shower room in addition to the main bathroom.

Isleworth is in Zone 4, with six trains an hour taking the 35-minute journey to London Waterloo, so ideal for commuters. The development is close to numerous amenities, with Waterman’s Art Centre on the riverfront which is a cultural hub with live and recorded performances and exhibitions. There is also plenty of green space nearby including Syon Park and Osterley Park. If you are looking to lead a healthy lifestyle then there are plenty of opportunities to keep you fit with Thistledown Tennis and Social Club, St John’s Centre, Osterley Sports and Athletics Centre, Zen Elephant yoga and Isleworth Recreation centre on the doorstep. For all your daily needs there are supermarkets, a post office and pharmacy around the corner.

For more information go to: networkhomes.org.uk/rent-or-buy/find-ahome/st-johns-road-isleworth-1-2-and-3-bedroom-apartments

General Eligibility for London Living Rent at St John’s Road

Eligibility for London Living Rent is restricted to existing private and social renters with a maximum household income of £60,000, without sufficient current savings to purchase a home in the local area.

9

You must be currently living or working in London 9

You must either have a formal tenancy (for example, in the private rental sector) or have an informal arrangement with family or friends as a result of struggling with housing costs 9

Priority will be given to applicants who live or work in the London Borough of Hounslow 9

Your household income must not exceed £60,000 per annum 9

Your gross income must exceed the minimum income requirement for your preferred home which will be:

• £36,000 per annum for a one bedroom home

• £42,000 per annum for a two bedroom home

• £48,000 per annum for a three bedroom home 9 You must be unable to currently buy a home (including through shared ownership) in your local area 9 You must provide one month’s rent in advance and one month’s rent as a security deposit 9 You must be able to cover pro rata rent for the month in which your tenancy starts 9 You must demonstrate you have the ability to pay the rent without recourse to savings 9 You must demonstrate the ability to save toward a purchase deposit 9 The apartment will be your primary residence 9 You must not own a property either in the UK or abroad 9 You must be employed on a permanent contract or a temporary contract with six months remaining, the original contract being issued for at least 12 months 9 You must supply three months of payslips, or if you are self-employed, a full year's accounts or last tax year SA302 form and six months latest bank statements 9

You must meet lenders general criteria to obtain mortgage finance 9 You must have no history of rent arrears from previous properties within the last 12 months 9 You must not have breached the terms of a tenancy agreement 9 You do not have any adverse credit or financial events – this includes County Court Judgements (CCJ), bankruptcy, Individual Voluntary Agreements (IVA), going over unarranged overdrafts etc.

Priority Policy

To reflect the Mayor of London’s Homes for Londoners programme, priority will be given to British Armed Forces Personnel (serving military personnel and former members of the British Armed Forces discharged in the last two years).

Additionally, for the first six months following full market release of the development, priority will be given to applicants from the following groups, in priority order: 9

Council or housing association tenants meeting the London Living Rent eligibility criteria living in the London Borough of Hounslow 9

Applicants meeting the London Living Rent criteria living in the London Borough of Hounslow 9 Applicants meeting the London Living Rent criteria working in the London Borough of Hounslow.

Where there are multiple customers looking to rent a home, who meet the above criteria, priority will be given in the first instance to British Armed Forces Personnel, and then on a first come, first served basis. Eight weeks after full market release we may accept applications for any homes that remain available from those living outside of the development host borough.