Red Loft lends a helping hand in London

Property and regeneration consultancy Red Loft has announced plans to expand its London Living Rent (LLR) services, offering unmatched end-to-end support to affordable housing providers across the sector.

Now celebrating its 200th letting, Red Loft is providing a complete LLR service offering end-to-end support throughout the LLR process, from site finding, financial modelling, viability assessments and project management right through to marketing, lettings and even converting tenants to shared owners.

The organisation began this financial year with a large LLR pipeline, working with providers including Optivo, RHP, Network Homes and Croydon Churches.

A relatively new product to the affordable housing market, London Living Rent is one of three tenures eligible for almost £3.5bn of allocated funding within the GLA’s 2021- 2026 Affordable Homes Programme.

While social rent and shared ownership are the other two eligible tenures which are now well understood by customers and industry professionals, LLR remains unfamiliar to many within the sector.

LLR works by charging a lower-than-market rent, on the basis that the money tenants save on rent should then be put into savings for a deposit to later purchase a home through Shared Ownership. Across London, the average price for a two-bedroom LLR property is around £1,100 per month, roughly two thirds of the median market rent.

Jane Williams, head of sales and marketing at Optivo, comments: “Red Loft were appointed to let a number of homes through the London Living Rent product, their knowledge and experience was invaluable.

“As part of their service, they provided some training to the Optivo’s in-house Sales team on this product. The Red Loft team provided a very professional and efficient service resulting in quick turnaround times and happy residents. I wouldn’t hesitate to recommend Red Loft to support with LLR letting.”

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