‘London living rent’ scheme launches in Acton

Image above: SO Flexi Acton; SO Resi

New apartments available in Acton

Housing provider SO Resi, part of housing association Metropolitan Thames Valley Housing (MTVH), has now started to offer affordable rentals based around the London living rent with 52 one, two and three-bedroom apartments in Acton.

SO Flexi Acton, located near Acton Park, will be available to people who live or work in Ealing. SO Resi says its rent is being offered at discounts of around a third of the local median household income on a three-year housing contract.

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.

Rents start from £1,107 for a one-bedroom and £1,230 for a two-bedroom. According to MTVH:

“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.”

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 find out more, click here or call 020 8607 0550.