Landmark East London development draws “unparalleled demand” upon launch

Showcasing the “unparalleled demand” L&Q has seen for its London Living Rent (LLR) homes over the past few months, interest has exceeded the number of homes available by more than 20 times for the latest launch at their Beam Park development.

Delivering affordable rental opportunities in one of East London’s fastest growing neighbourhoods through the “innovative” government scheme, the 68 one and two-bedroom homes generated interest from over 1,381 potential tenants, with over a third of the apartments reserved on the initial launch weekend.

The LLR apartments extend L&Q’s affordable provision at Beam Park, where a “stylish” collection of one, two and three-bedroom Shared Ownership homes are already being marketed.

Funded by the Mayor of London, London Living Rent is a government-backed scheme which enables tenants to rent a home at a reduced rate, sometimes up to 50 per cent less than a similar property on the open market. This helps renters to save additional money each month, which can go towards buying a home, either through Shared Ownership or outright.

With nearly 60 years’ experience in the rental market, L&Q is one of the capital’s largest landlords and providers of affordable homes. It has a current pipeline of 212 London Living Rent homes, with a further 120 currently available properties, across the boroughs of Barnet, Lewisham and Barking & Dagenham.

Andrea Palmer, head of LLR at L&Q, commented: “We know the demand is there for London Living Rent homes – the number of applications we receive per available home is unprecedented - which is why it forms such a significant part of our portfolio for 2023 and beyond.

“Saving for a deposit remains one of the major barriers for those looking to get onto the property ladder in the capital, so to be able to offer so many amazing new build homes at an accessible monthly rental price point is a huge step to helping even more people buy their first home.”

A landmark new neighbourhood for two future-facing London boroughs and a joint venture with Countryside, Beam Park has been designed as a sustainable development. Homes are fitted with a highly efficient water system, whilst greater levels of insulation are achieved through double glazing and doors that meet high insulation standards.

In the wider development, most apartment blocks are fitted with solar PV panels, whilst brown roofs are positioned throughout, creating an environment for local ecology to thrive. A new public square, medical centre, schools, retail spaces and community facilities are also being delivered as part of the master plan.

By Matthew Neville – Senior Correspondent, Bdaily

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