Londoners to benefit from affordable housing

Posted: 04 Mar 2009 08:45:46 GMT

Hundreds of families in London will now be offered the chance to move into affordable homes through a rent-and-buy scheme, the mayor of London Boris Johnson has confirmed.

The scheme, 'Up2U', is one in which 500 new homes will be made available for Londoners to rent at just 80 per cent of the true rental value.

Once the tenants are ready to buy the home they are in they can then do so at a discount, as the rent previously paid will be used to supplement a deposit made on the house.

The deal is also being hailed as a "shot in the arm" for London's struggling construction industry.

Homeowners hoping to sell their own properties at present, however, may be hindered by such schemes, as the difficulties faced by first-time buyers will prevent many from buying homes in a traditional manner.

Selling a home online though could help a homeowner sell their property quicker, as buyers can take advantage of choosing a property without paying extra for an expensive estate agent.

Speaking about the scheme, Mr Johnson said: "London is taking the first major step and leading the way in tackling this housing crisis as we begin the process of helping thousands of Londoners who have been left stranded for so long in both boom time and now during the downturn."



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