Out-Law News 1 min. read
27 Mar 2013, 4:42 pm
The new arm, Network Living, will deliver the homes through six developments across London, including 40 homes in Brixton, 76 homes in Alperton, 19 homes in Streatham, 34 homes in Wembley Park and 56 homes in Colindale.
The first 15 homes will be delivered at a flagship scheme on the site of a former school in Dollis Hill and are expected to go on the market next month, NHG said in a statement.
The new homes will be available through a range of flexible housing options including intermediate rent below the market rate, private rent, 'part buy' and ‘rent to save’, which allows people to pay rent at 80% of the market rate and save for a deposit.
Other homes will be provided as 'shared equity', which allows people to buy an 80% share in the home, with Network Living providing a loan for the remaining equity, and larger shared ownership homes, which are aimed at helping overcrowded households move up the housing ladder.
The Mayor launched the Housing Covenant scheme, which provides £100m of capital investment, in September last year to provide homes for working Londoners and to boost the construction industry and to ensure London remains a competitive "world-class city".
"I am delighted by the work we are now able to get underway with Network Housing Group," said Johnson. "Help for hard working Londoners who would otherwise struggle to own their own homes is exactly the right approach in our quest to ensure a fairer housing deal for the capital."
"London’s success is built by its workforce and I am thrilled that via my Housing Covenant we are able to work with partners to unlock the door to home ownership for thousands more Londoners. This is just the first in many great initiatives to come," Johnson said.
“We are thrilled to support the Mayor in delivering his ambitions for more affordable home ownership in London," said Network Housing Group business development director Jeremy Stibbe. "The launch of Network Living will enable us to be at the forefront of providing innovative solutions to the capital’s housing problems.”
