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I rented in Zone One through London Living Rent - and now I’m buying my first home down the road
December 2024
Name: Elliot
Job Title: Property Industry Professional
Type of home: One-bedroom apartment
Deposit: £1,500
Monthly rent: £1,540 – roughly saving £350
Elliot’s journey from renting to homeownership in the capital is a testament to how schemes such as London Living Rent (LLR) can offer a vital stepping-stone for young professionals hoping to get onto the property ladder. After spending several years renting at L&Q at Lexington Gardens in Nine Elms, South West London, Elliot, a property industry professional, has now saved enough to buy a home nearby – thanks in large part to the LLR scheme.
Elliot says, “I always wanted to live in London, but renting here can be really challenging financially. I’d previously been living with discounted rent at my stepmother’s home outside of the city, but moving into an LLR home at Lexington Gardens gave me the independence and flexibility I needed to start saving for a home of my own.”
London Living Rent is a scheme designed to help tenants save towards a deposit, offering a reduced rent compared to the private market. Customers are encouraged to put the monthly savings they make towards a deposit, when they are ready to buy.
At L&Q at Lexington Gardens, Elliot was able to rent a brand-new one-bedroom apartment at a considerably reduced rate. “LLR allowed me to live in a great location, in a high-quality home, while saving up each month. It gave me the lifestyle I wanted, but still left room for my long-term goal of homeownership. Without it, I would’ve likely had to flat share, which wouldn’t have been ideal.”
After just two years living at the development, Elliot began looking to buy his first home. Keen to upsize and have a spare room/home office, the savings he had accumulated through the LLR scheme combined with some inheritance, enabled him to secure a deposit for a two-bedroom apartment just down the road through Shared Ownership.
Reflecting on his journey as a London Living Rent customer, Elliot explains; “The LLR scheme made a big difference.
“The best part for me was that it offered me stability. Knowing that I had a secure tenancy meant I could properly plan my finances. Over two years, I was able to build up enough savings while still enjoying the benefits of living in London.”
In the process of moving into his new home, Elliot is looking forward to the future.
“I’ve been lucky enough to purchase a brand-new apartment close to my previous rental at L&Q at Lexington Gardens, and my monthly payments are actually lower now with Shared Ownership than they were renting. I’m really pleased with the decision to use LLR as a stepping stone – it helped me balance my lifestyle and savings in a realistic way.”
“It’s definitely worth considering LLR if you want to make the step of owning a home in London. It made all of the difference for me.”
