Other available schemes FAQs
What is First Dibs?
First Dibs is a voluntary commitment from housing providers and housebuilders to ensure that new, lower-cost homes in London are marketed and sold exclusively to Londoners and UK-based buyers first.
The scheme involves organisations committing to the following:
- Sales and marketing of all new build market properties in London (valued at £350,000 or less) to be restricted to UK residents in the first three months of availability.
- Within the first month of marketing, homes available from some of the organisations that have agreed to First Dibs will be exclusively available for Londoners first.
- An additional ‘head start’ of up to one month to be available for Londoners, during which only those living or working in the capital will be able to purchase new properties valued at £350,000 or below.
- First Dibs may also be available alongside homes being marketed via the Help to Buy scheme in London.
Who is classed as a ‘Londoner’?
Buyers will need to demonstrate that they either live, and/or work in a London borough, via proof of residence or employment. These checks will be made by the organisation that you apply to when buying a home.
How does London Living Rent work?
London Living Rent homes are for middle-income households who currently rent but want to build up savings to buy a home.
You’ll rent a home offered with London Living Rent, with the aim to buy that home within the next 10 years, either via shared ownership or as an outright purchase (ie. no other scheme is used, just a mortgage and savings/deposit).
If you do not wish to buy the home you have been renting, you will have additional priority for other shared ownership homes across London.
How long is my tenancy with London Living Rent?
The homes will be offered on tenancies of a minimum of three years.
What happens if I do not buy the home within 10 years?
If you are unable to, or choose not to buy the home you have been renting with London Living Rent after 10 years, your landlord may sell the home to another potential buyer via the shared ownership scheme.
Am I eligible for London Living Rent?
To be eligible for a London Living Rent home, you must:
- be currently renting in London
- have a maximum household income of £60,000
- be unable to currently buy a home (including through shared ownership) in your local area.
What will my monthly rent be?
Your actual rent will vary depending on the size of the home you rent, and which borough you will be renting in. Your rent is based on a third of average local household incomes and adjusted for the number of bedrooms in each home, but your rent will be capped at no more than 80% of a market rent figure for that home in that area of London.
For example, the average monthly rent for a 2 bedroom home being offered with London Living Rent is £1,030 per month.
How do I apply for London Living Rent?
A relatively new scheme to help people into home ownership, homes will be available to rent are currently available and most will be available to move into within the next 5 years.