What is an affordable home and how can I find one?
There are a number of different types of affordable home and these can be accessed in different ways.
The Mayor currently provides money to build three main types of affordable home:
- Affordable rent: homes based on social rent levels, aimed at low-income households with rents currently no more than £159 a week for a two-bedroom home
- London Living Rent: homes that offer Londoners on average incomes a below-market rent, enabling them to save to buy a home of their own – currently an average of just over £1,000 a month for a two-bedroom home
- London Shared Ownership: allows Londoners to take out a mortgage on a portion of a new or existing property and pay rent on the rest – bought by households with an average combined income of around £40k a year
You can find social housing by applying through your local authority, who will usually place you on a waiting list called the Housing Register. The council will determine your priority on this list using a range of criteria, which can vary from council to council.
If you wish to find a shared ownership or a below-market rent home, you can do this through the Mayor’s newly launched Homes for Londoners property search tool. This allows you to search for homes, check whether you are eligible, and to also book open day viewings.