Zoopla Property : Is this the rental revolution?

What's the latest?

One of London's largest new housing developments for rent has been launched in Lewisham, as part of a wider push to develop new rental homes for professionals.

Renters can choose from 238 new-build homes at the professionally-run scheme, Thurston Point.

Costs start at £1,050 a month for a studio, through to £1,900 a month for a three-bedroom apartment. Deposits of six-weeks' rent are required.

The development offers use of communal gardens, cycle storage, lift access to each floor and - for some homes - private parking. It's also backed by a dedicated maintenance service, including a 24-hour helpline.

Thurston Point has been launched by one of the UK's leading housing associations L&Q, which also develops and rents out private homes at market rates.

Why is it happening?

Soaring house prices and a shortage of homes on the London market are locking many aspiring buyers out of property ownership, leaving them with no choice but to rent. In fact, almost 60% of 20 to 39 year-olds in England will rent their homes by 2025, according to a recent report by PwC.

Diane Hart, L&Q's group director of neighbourhoods, said: 'Rising house prices, coupled with a growing appetite for a more flexible and hassle-free living arrangement, has put the current rental sector under huge pressure. As a result, homes with the right quality, value and location from trustworthy landlords are in very short supply.'

Who does it affect?

L&Q's portfolio of private homes for rent open up a window of opportunity to professionals and other renters who either do not want, or are not able, to buy and are seeking new-build rental accommodation.

Sounds interesting. What's the background?

L&Q currently manages more than 70,000 properties across London and the south east, and rents out 800 homes privately.

And it is planning to develop 5,000 more homes for private rent in the next five years.

Hart says that, as well as being a large landlord with more than 50 years experience, L&Q can offer its tenants fair rents, long-term tenure and transparent fees.

It is one of a growing number of professional landlords with plans to develop specific rental homes to meet the need of so-called 'Generation rent'.

The gradual shift towards a professionally-run rental market (with developments owned by single companies rather than buy-to-let investors) promises to offer renters higher standards, better value and greater transparency, according to a report last summer by law firm Addleshaw Goddard and the British Property Federation (BPF).

Top 3 takeaways

• More than 200 new homes for rent have launched at Thurston Point in Lewisham, south east London.

• It is part of landlord L&Q's wider push to develop 5,000 rental homes across London and the south east over the next five years.

• L&Q is one of a growing number of professional landlords building rental homes to accommodate so-called 'Generation rent'.

Related articles

Would you live here? Tell us by posting a comment...