Private Sector to Be Supported By Housing Associations in London for Cheaper Rental

HYDE PARK, U.K. - April 29, 2013 - PRLog -- In an endeavour to make available more affordable rental accommodation to the people in living in London, London’s various housing associations have decided to join the private real estate market for the very first time. These associations have planned to venture into this option in order to help the increasing number of people who cannot meet the expense of buying a home and have to look out for rental accommodation. Such people are getting more and more susceptible to landlord’s exploitation and therefore the housing associations have jumped in.

To begin with, the plan is to build 13,000 affordable homes by the end of 2015. 15 big names in the social landlords sector of London have come together to execute this, along with around 4,000 properties to let at market value. Also, the project will include over 1000 residential properties for sale at the usual prices in London. The profits gathered thereby will be utilised to fund more projects on affordable housing.

Earlier the general notion has been that housing associations are meant to arrange for accommodation meant only for the low income groups. However, as per the new approach, the scope of these associations is to be amplified to rescue the young renters who often fall prey to unscrupulous landlords and end up paying high rents through the nose.

The new strategy will aim to grant securer and longer termed tenancies as compared to those available in the private property sector. It is very difficult for the present generation to buy expensive homes. This is because the average cost of a home in London is over £400,000 which despite good wages is nearly 15 times the median income for people in London. In such a scenario, it becomes important that they are at least able to pay for their rent with lesser burden, as currently a large part of their salaries goes into meeting accommodation needs.

This move is being perceived in a positive light by various landlords, tenants and lettings agents who appreciate reliable and ethical ways of operating. InStyle Apartments (http://www.instyleapartments.co.uk/), a leading property management agency in London favours this approach as this will only improve the condition of renters throughout London.