DESPITE new government schemes aimed at making it easier for first time buyers to get on the property ladder, the number of people renting in London is on the rise. Thankfully, though, renting a luxury apartment close to the City doesn’t mean you have to pay a premium.
There is a steady flow of purpose-built rental homes that are multi-functional, high spec, and which are available at affordable rates. The government is providing developers with £1bn from its Build to Rent fund, aimed at helping to create more housing to meet the growing demand. Housing associations are getting in on the action too, beefing up their rental provisions.
Many are targeting young professionals who are considering taking advantage of government buying schemes and who, in the meantime, want to live in quality apartments close to work.
Fizzy Living is one of the organisations spearheading this new trend. The initiative, which was launched as a commercial enterprise by Thames Valley Housing, is designed to ease housing shortages by providing high-quality homes for the rental sector on a large scale. It aims to build a portfolio of around 1,000 apartments in areas that are easily commutable.
The initiative launched with a development in Canning Town, two minutes from Canning Town station offering easy access to the Square Mile via the Jubilee Line and DLR. It has expanded its portfolio in the past twelve months, offering accommodation in Epsom, which is quickly becoming a commuter hotspot, and Poplar.
“Only a few young professionals can obtain mortgages so the only option is to rent. Housing tenure has shifted right across the UK and the private rental sector is expected to grow as owner occupation becomes little more than a pipedream for the majority of young people,” says Harry Downes, Fizzy Living’s managing director. “But there is an acute shortage of quality rental accommodation for professionals and this is a gap we aim to fill. Our vision is to create a product and brand associated with excellence that satisfies the requirements of aspirational young professionals.”
The new buildings are comprised of around 60 energy efficient apartments ranging from one to three bedrooms. All come with fully fitted kitchens and bathrooms and wi-fi access is included in the rent. Many of the properties have balconies and residents benefit from access to a car park and bicycle storage along with a choice of one, two or three-year tenancy agreements, which can be broken any time after the first six months, designed to offer greater security of tenure.
Prices start from £900 per month for a one-bedroom apartment in Epsom to £1,733 per month for a three-bedroom apartment in Poplar. For more information visit fizzyliving.com.