A Demand for Affordable Living
Capital West London have reported that Southern Grove and Metropolitan Thames Valley Housing Association have submitted plans for a 26 storey block of apartments in West Ealing that are 100% affordable, thereby providing 149 apartments at either London Living Rent or London Shared Ownership. With London Living Rent, landlords are expected to encourage tenants into home ownership within ten years through the significant savings they can make by paying, on average, two thirds of the median market rent. Similarly, the part-rent, part-buy nature of shared ownership, with its emphasis on staircasing, encourages tenants to eventually become outright homeowners. This is an encouraging sign for creating a growing demand for private homes within the capital, who may have previously been priced out of doing so. Developers who are new to the build to rent and shared ownership sectors may need to communicate with their customers in unfamiliar ways, due to the different rights and responsibilities that come with being a tenant, as opposed to a homeowner. Classic Folios creates bespoke manuals for rented and shared ownership accommodation, and offers a property management portal, Spaciable, that provides special functionality for rented accommodation and block management, including rent and reference collections, and legal contract completion.