Currently, the private rented sector naturally encourages
increased rents: as properties are re-let, rents can be set against higher
averages. There is also little tenant security.
Under the co-owned model, tenants are central: enterprises provide
greater security through long-term lets (although tenants can leave when they
want), and affordability, through rents benchmarked to lower market levels and
or income levels. Reducing the biggest cost to households – housing – enables
people to save (for a deposit, perhaps), and curbs imbalances between tenures.
Co-owned housing is not simply a rental optional: it’s a credible alternative
to home ownership. It would cater for many Londoners on incomes from £20,000 to
£60,000, including the growing army of self-employed. Read more on the
CityMetric website.
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