SO Resi launches third rent to buy development in two years

Affordable housing provider SO Resi (part of Metropolitan Thames Valley Housing) has launched its third Rent to Buy and second London Living Rent scheme in two years, SO Flexi Southall. The development will be available through its dedicated ‘SO Flexi’ brand, which offers a host of affordable rental schemes and operates as an offshoot of SO Resi, which acts as MTVH’s existing Shared Ownership arm.

SO Flexi Southall is a collection of one and two-bedroom apartments nestled in the established residential area of Beaconsfield Road and within a five-minute walk of Southall railway station. All brand-new apartments at SO Flexi Southall will be available through the London Living Rent scheme for those who live and work in the London Borough of Ealing. Residents will have access to landscaped communal outdoor space, their own private balconies or terraces and a car club membership for three years.

According to Yahoo Finance!, average rents in London are predicted to be 2.4% higher than in 2024, with a record monthly high of £2,695 per month, compared with the UK average of £1,341[1]. SO Flexi Southall offers rents at a discount of approximately one third of the local median household income on a three-year contract, with rents starting at £956 per month for a one-bedroom apartment and £1,062 for a two-bedroom apartment. Tenants will be encouraged to use the savings from the discounted rent to save up for a deposit and purchase the property using Shared Ownership at the end of the rental term, with the view that all homes will be sold in ten years.

To qualify for SO Flexi Southall and London Living Rent, residents must live and work in the London Borough of Ealing, have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs, not own a home or be able to buy a home on the open market, and have a household income below £67,000.

Kevin Sims, Director of SO Resi, comments: “London will always hold an attraction for people and at SO Resi, we don’t believe that anyone should miss out in living in their dream location due to affordability issues or soaring private rental costs. Our third SO Flexi development reinforces that London Living Rent and Rent to Buy remains a core part of SO Resi, and as such we are investing heavily in this scheme and rolling out homes in key locations across the capital.

“Ealing Borough Council has confirmed that they will need almost 28,000 affordable new homes over the next 15 years, and 70% of these should be available at social or affordable rent[2]. Last year, we also delivered 52 apartments at SO Flexi Acton in the borough and so far at SO Flexi Southall, we have seen unprecedented demand with over 540 enquiries to date. This demand signifies the need for affordable rent in the capital and the SO Flexi scheme offers a solution for people unable to save alongside costly rental prices.”

Southall offers a host of amenities for a range of buyers including young professionals and families. From a plethora of cafés and restaurants to Hanwell Zoo, Southall offers an endless list of South Asian restaurants, a vibrant market selling food and handmade jewellery and a range of green open spaces. SO Flexi Southall is also within a five minute walk from Southall railway station offering services along the Elizabeth Line with access to Paddington in 20 minutes and Heathrow Airport in nine minutes. By road, Southall offers quick access to the M4 for journeys to the west of the UK.

Currently available at SO Flexi Southall is a collection of one and two-bedroom apartments, available from just £956 per month. All applicants to SO Flexi Southall must live and work in the London Borough of Ealing, have a formal rental tenancy in place, or live in an informal arrangement with family or friends as a result of struggling with housing costs, not own a home or be able to buy a home on the open market, and have a household income below £67,000.

To find out more, visit www.soflexi.co.uk call 020 8607 0550.