Wannabe first-time buyers who are worried about their deposit being swallowed up by a hefty rent bill might want to consider Homeshare.
Charity Crossroads finds young people affordable housing in London by placing them with elderly people who have space but live alone and need support.
Renters pay as little as £50 a week to rent rooms which would normally cost far more — many being in Zone One — in return for helping the older homeowners with chores such as shopping and cleaning for 10 hours per week. Elderly people signed up to the scheme say they also benefit from the companionship of their renters.
Crossroads staff interview potential homeowners and renters, and host meetings between the two, before setting up shares. Renters then pay a £25 admin fee when they move in. The scheme currently operates in central and north London. For more details about sharing your home or moving into someone else’s, see: Crossroadscarecnl.org or phone 020 7485 7416
