From renting to owning in two years thanks to the London Living Rent scheme

Name: Francesca

Job: Scientific Affairs Manager

Type of home: One-bedroom apartment

Deposit: £1,140

Monthly rent: £989.60 – saving roughly £600 -£700

Able to save close to £700 per month thanks to the discounted London Living Rent scheme, Francesca, a Scientific Affairs Manager, managed to buy a home in the capital within just two short years.

She explains, “I had been living at another Intermediate Rent development with a different housing provider, but when they changed the purpose of the building, we were told to move on. That was two years ago now, and it was at that stage that I came across L&Q’s London Living Rent homes at The Sugar Works in Royal Docks. I already knew about the development, so I was interested to find out more.”

Doing further research, Francesca learnt that L&Q’s collection of studio, one-, two- and three-bedroom LLR apartments at The Sugar Works were situated a short walk from Pontoon Dock DLR station, allowing for quick transport links into central London. All apartments at the development are finished to the highest standards, with modern fitted bathrooms, generous sized bedrooms, and open-plan kitchens with fully integrated appliances.

LLR is a stepping-stone to homeownership, designed to enable current tenants to rent a home at a discounted rate, whilst saving towards a deposit for a first home. The rent for LLR homes is set at one-third of the average local household income in the borough where the property is located, which ensures monthly costs stay manageable and savings can be redirected for the long-term.

She comments, “I was really excited about the LLR homes at L&Q at The Sugar Works – they offered everything I was looking for in terms of location and neighbourhood amenities, transport links to work and specification.

“As a single renter, LLR was a fantastic option for me,” she adds. “It would enable me to rent a beautiful home at a discounted rate and put my savings towards a deposit. I was always eager to buy somewhere in London, but it seemed out of reach on my own. I got a lot of guidance on managing my finances, and did a lot of research, so was ready to commit to making the monthly savings, which are flexible to your own goals.”

After two years of saving under the LLR scheme, and with some support from her parents towards a deposit, Francesca bought a one-bedroom apartment in the Royal Docks area on the open market.

Francesca recalls, “The great thing about LLR is that you have an assured tenancy of a minimum of three years, so it allowed me to really plan out my savings journey, taking into consideration things like going on holiday and enjoying my lifestyle.

“I would absolutely recommend the scheme – private rents are so high at the moment, which means London Living Rent is increasingly affordable for young people, especially single people who want the chance to get onto the property ladder. Based on your savings, you can then also buy a home through Shared Ownership or on the open market.”

Speaking about her decision to buy, she comments, “I was eager to buy a home outright, if I could, which is why I used LLR as a stepping-stone in order to build up my savings before searching for a property to purchase. Luckily, with some familial support, I was able to make this a reality.”

The LLR scheme at L&Q at The Sugar Works enabled Francesca to secure a home outright in an area she loved.

“The docklands area is so beautiful and is one of the reasons I was so drawn to L&Q’s homes in the first place. There are plenty of green spaces, like Royal Victoria Gardens and the Thames Barrier Park, and the area feels safe and quiet.”

Looking ahead to the future, she says, “I’ve got a 5-year fixed mortgage on my flat, so I’ll be here for at least a little while, and will see where life takes me! I’ve settled in now with my cats, Elsa and Camillo, and I’m just enjoying being a homeowner – it’s all thanks to the savings I was able to put away as a London Living Rent customer that I’m here today!”