Study found young London renters aren't aware of subsidised rental initiatives.
Working Londoners in rental accommodation spend more than 45 per cent of their monthly income on rent — another sign of the capital’s escalating housing shortage.
The youngest tenants are hit hardest with nearly 70 per cent of renters aged between 16 and 34 forking out more than 40 per cent of their pay packet on rent, according to a new survey.
The research conducted by housing charity Dolphin Living and YouGov reveals a stark awareness gap between affordable home ownership schemes and subsidised rental initiatives.
Of those polled, 70 per cent knew about shared ownership, the part-rent part-buy programme.
However, only 10 per cent had heard of intermediate rent which is available across many London boroughs, a scheme where eligible tenants are offered rental accommodation at a 20 per cent discount.
“Renters spending high proportions of income on rent have a high likelihood of living in housing poverty, meaning they cannot meet their other living costs. Or they compromise their housing needs and live in poor-quality housing,” says Olivia Harris, chief executive of Dolphin Living.
“Without housing that workers can afford, London will be unable to attract and retain the talent it needs to grow and thrive,” she adds.
Dolphin Living runs an accelerator scheme with Westminster City Council. Londoners working in the borough can qualify for a 65 per cent rental discount. After three years the scheme gives £54,500 towards buying a first home.
https://www.homesandproperty.co.uk/property-news/renting/london-intermediate-rent-westminster-dolphin-a136121.html