Low cost rent and home ownership

There are a number of schemes available for people who cannot afford to rent or buy a home on the open market.

These types of homes to rent or purchase that fall outside the categories of social rent or London Affordable Rent are known as intermediate housing. 

The most common intermediate rent product in Richmond is London Living Rent, and the most common home ownership product is Shared Ownership.

What intermediate housing is

Intermediate housing refers to genuinely affordable homes available for rent or purchase, aimed at middle-income Londoners.

These homes are designed for individuals and households who are unlikely to qualify for social housing, but who also cannot afford to rent or buy on the open market.

Types of intermediate housing in Richmond

In Richmond, intermediate homes are typically Shared Ownership homes for purchase, and London Living Rent homes for rent.

London Living Rent (LLR)

LLR offers middle-income Londoners high-quality homes on stable tenancies, at below-market rates. Rents are based on a third of average local household incomes and benchmarks are set by the GLA to ensure rents are genuinely affordable.

• LLR is available to households with an income of up to £67,000
• Generally, LLR homes are available to rent with no expectation to buy, however some homes can be bought after a period of time. It is worth discussing the details with the Registered Provider managing the homes to assess the options available

Shared Ownership

Shared Ownership allows households who would struggle to buy on the open market to purchase a share in a new home and pay a low rent on the remaining, unsold share.

This rent is charged by the scheme owner, which in most cases would be a Registered Provider or the Local Authority. In London, Shared Ownership is available to households with an income of up to £90,000

Shared owners can buy more shares in their home when you can afford to, until they own the property outright. This is known as ‘staircasing’.

Eligibility

To apply for intermediate rent or home ownership in Richmond, you must:

• Live or work in the borough. This means your primary residence is in Richmond, or you’re employed here. If you live or work in London you can still apply, and if homes are still available after providers have marketed them within the borough for the period agreed with us, then a provider can consider your application

• Not already own a home. You must sell any property you own before renting or buying an intermediate home

• Have a household income of no more than £67,000 for London Living Rent, and no more than £90,000 for Shared Ownership. These income levels are set by the Greater London Authority (GLA) and are reviewed every year. Any changes to the income caps will be reflected in an updated Intermediate Housing Policy Statement.

Our Intermediate Housing Policy Statement explains the eligibility criteria and the prioritisation process for applicants to intermediate housing schemes in the borough

How to register

To be considered for a London Living Rent or Shared Ownership scheme, you must register on the GLA Homes For Londoners website.

More information

The Intermediate Housing Policy Statement sets out our position with regard to the delivery and allocation of intermediate housing in the borough. 

This includes detailed information on eligibility and prioritisation of applicants, how to find new schemes and the application process. The statement also includes a Marketing Statement with information for Registered Providers on the requirements for marketing intermediate homes in the borough.