Single and Saving? London Living Rent Offers a Lifeline
Research from Zoopla indicates it takes singletons an average of 13 years longer to save for a deposit on a property compared to couples.[1] Combined with soaring rents and limited supply, finding a suitable home as a solo renter in the capital could feel out of reach – and buying a home completely out of the question. But London Living Rent (LLR) is offering a lifeline to those seeking independent living in the city.
LLR acts as an essential stepping-stone to homeownership, designed to help current tenants save for a deposit on their first home. By offering rental homes at a discounted rate, set at one third of the average local household income in the borough, LLR ensures manageable monthly costs. This allows tenants to allocate more of their income towards long-term savings, making the dream of homeownership more attainable.
Francesca Rapolla, a past LLR tenant with L&Q, is a prime example of how the scheme can transform lives. 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.
“London Living Rent was a fantastic option for me as a single renter,” she says. “It enabled me to save for a deposit while living in a beautiful home at a discounted rate. I’m now a homeowner thanks to LLR.”
After two years of saving under the LLR scheme with L&Q, 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.
Andrea Palmer, Head of LLR at L&Q, explains; “Single people are often overlooked in the housing market – getting on the ladder on a single income, or even taking on a rental lease solo, can seem almost impossible.
“Our mission is to provide high-quality homes that empower eligible individuals to thrive in the city. We are proud to be one of the largest providers of LLR homes in the Capital, with a significant number of our tenants able to rent independently. It is fantastic to see so many Living Rent customers enjoying the opportunity to live on their own in the heart of the city.”
Current developments include Barking Riverside, Queen’s Quarter and Hayes Village, both offering a range of one-bedroom apartments, perfect for solo tenants. These vibrant communities provide modern amenities, excellent transport links, and a strong sense of community.
Rents start from £288 per week for a one-bedroom apartment at Barking Riverside, £321 per week at Queen’s Quarter and £313 per week at Hayes Village.