Examples of London Living Rent in a sentence
Policy H7 of the draft London Plan and the Mayor’s Affordable Housing and Viability SPG sets out a preferred tenure split of at least 30% low cost rent, with London Affordable Rent as the default level of rent, at least 30% intermediate (with London Living Rent and shared ownership being the default tenures), and the remaining 40% to be determined in partnership with the local planning authority and the GLA.
Draft London Plan Policy H7 and the Mayor’s SPG sets out a preferred tenure split of at least 30% low cost rent (social or affordable rent, significantly less than 80% of market rent), at least 30% intermediate (with London Living Rent and shared ownership being the default tenures), and the remaining 40% to be determined by the local planning authority.
As drafted, in relation to affordable provision requirements of a minimum 35%, the policy seeks a breakdown of 34% Social rent equivalent; 52% London Living Rent equivalent and 14% GLA income levels.
The costs, including service charges for all intermediate rented products (including London Living Rent, Discounted Market Rent, Affordable Private Rent and Intermediate Rent) should be affordable to households on incomes of £60,000 or less.
With a tenure compliant split i.e. 34% Social rent equivalent; 52% London Living Rent equivalent and 14% GLA income levels the overall quantum of affordable housing ( DMR) would be in the region of 26 -27%.
We propose to work with councils and housing associations to purchase 1, 2, and 3-bed homes across London, which will be owned by the GLA, managed by these registered providers, and rented out at London Living Rent rates.
The application proposes 50% of the affordable habitable rooms to be at rents consistent with or below the London Living Rent.
New London Living Rent homes for key workers The coronavirus pandemic has further exposed the inequality at the heart of the housing crisis and there is acute need for affordable rented homes.
Hence overall the breakdown of the affordable component would be: - 10% social rent equivalent, - 40% up to London Living Rent equivalent and - 50% at affordable rent levels for household incomes of between £60,000 to £90,000pa (reflecting the upper limit of the Mayor’s income threshold for intermediate housing.
The Mayor considers the rent level on DMR should ‘preferably’ be pegged to London Living Rent (which is intended to be affordable to households with an income up to £60,000)..