Labour Pledges 'Living Rent' Homes As Part Of Affordable Programme

A Labour government would fund new ‘Living Rent’ homes, capped at a third of local incomes, as part of its pledge to build 100,000 affordable homes a year. Inside Housing can exclusively reveal the party’s plans to take London mayor Sadiq Khan’s ‘Living Rent’ product national if it wins. The party is planning a major expansion of grant funding for new social rented homes, as well as ownership tenures such as shared ownership, with ‘Living Rent’ designed as its mid-market product. Read more on Inside Housing.

Chancellor Urged To Build 80,000 Affordable Homes A Year

The Chancellor should invest in a scheme that could deliver 80,000 affordable homes a year for ‘just managing’ families in the Autumn Statement. As the UK prepares to leave the EU, JRF is also calling on the Chancellor to end the freeze on working-age benefits to help households cope with the rising cost of goods and services. The Government has said its priority will be supporting families on low incomes. JRF’s submission looks at four ways they could support that goal on November 23. A Housing White Paper is expected to be published at the same time. JRF recommends the Government invest £1.1 billion extra a year in affordable housing through a scheme called Living Rents, which links housing association and local authority rents to local wages, making them affordable to people earning the National Living Wage. Read more on the Joseph Rowntree Foundation website.

Thinktank Calls For 75,000 "Living Rent" Homes A Year

The Government should build 75,000 homes a year aimed at low paid workers, a think tank has argued. Renewal said the Rent to Buy model should be scaled up and rents reduced to allow people to save for a deposit.  Living Rents would be set at no more than one-third of the average low income in an area. Properties would have a five to 10-year tenancy as a minimum to provide "security and stability, while still encouraging mobility and efficiency in the use of stock. After two years, tenants would have the option of buying their home at a discount similar to those offered under Right to Buy. This would be facilitated through an extension of Help to Buy-style equity loans. Read more on the Housing Excellence website.