The launch of the SO Flexi brand aims to address a significant challenge in the current real estate market, where many people struggle to save for homeownership due to unaffordable rents. The brand will work with residents to help them achieve homeownership at the end of their tenancy, addressing this issue.
Kevin Sims, Sales and Marketing Director at SO Resi, stated, "Our previously launched affordable rent scheme received tremendous demand, indicating that initiatives like London Living Rent not only meet the needs of potential homeowners but also fulfill market demands."
It is reported that SO Resi plans to provide 4,000 affordable housing units in the Acton area over the next five years, in response to targets set by the Ealing Council. They aim to not only achieve these targets through this program but also meet the genuine needs of London residents, striving to address the housing crisis in the capital. Previously, SO Resi successfully launched the first SO Flexi site in Slough.
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To qualify for SO Flexi Acton and London Living Rent, residents must reside or work in the London Borough of Ealing, currently have a formal tenancy agreement, not own a property themselves or be unable to purchase one on the open market, and have a household income below £60,000.
The scheme offers rental discounts approximately one-third of the local median household income, with a term of three years. The starting rent for a one-bedroom apartment is £1,107 per month. Tenants are encouraged by the government to use the funds saved through rental discounts for a deposit to share ownership of the property and sell all homes within 10 years.
The introduction of this scheme is a positive choice for residents struggling to rent in the London area. Not only do they have access to affordable rents, but they also have the opportunity to own their property at the end of the tenancy. This not only helps residents address housing issues but also contributes to overall housing supply and market stability in the London area.
