New homes at affordable prices in Hackney

A part of Hackney Council’s regeneration programme, two-bedroom, modern new homes will be built at a genuinely affordable living rent.

The plans would see eligible renters save nearly £10,000 a year on the average two-bedroom flat by setting rent at a third of average local incomes, roughly £1,000 per month for a two-bedroom property. The average equivalent market rent in Hackney is around £1,800 per month.

As part of the #BetterRenting campaign, run by the council, the homes, which will not be available to buy, would also be let and managed through a wholly-owned company, meaning that tenants can be sure they won’t face unwarranted fees and charges or excessive rent increases.

Philip Glanville, Mayor of Hackney, said: “Too many people in Hackney, especially young renters, work hard and save hard but are struggling to make ends meet because of rocketing rents in the private sector. These homes for living rent will help those struggling to stay in Hackney or save for their first home – putting an extra £800 on average in their pocket every month to save towards a deposit.

“We’re building thousands of new council homes who those most in need, and I’m proud that our living rent will expand our offer to help those who aren’t eligible for social housing but still need a hand to find a genuinely affordable place to live.”

Hackney Council is building nearly 4,000 homes across the borough, with more than half for social rent and shared ownership, paid for by some homes for outright sale in the absence of any government funding.