“We needed to help people buy”
How the developers behind Greenwich Peninsula came up with a creative solution to help people buy their own homes – via their monthly rental payments.
When it comes to restorative green spaces, inspiring art galleries and museums, live music and dance, culture and riverside experiences, there’s no place like London. The 2025 World’s Best Cities Report by Resonance and Ipsos ranked London as number one thanks to its ‘livability, lovability and prosperity’. But, it can also be one of the toughest cities for home buyers.
In 2024, a record 31% of those leaving London were first-time buyers (a figure that’s more than doubled over the past decade)*. All too often, the glib answer to the housing crisis is to stop buying smashed avocado on sourdough and daily macchiatos, but in reality, the answer to independently getting on the housing ladder is to save and rent simultaneously; an almost impossible task.
The average cost of a home for a first-time buyer in London is £425,000, meaning you’ll need a 10% deposit of £42,500 in order to secure a mortgage. On top of that, the additional cost of stamp duty, conveyancing, surveys and removal costs means buyers will need an additional £9,000 cash in the bank in order to purchase a home. It was this complex situation that led Knight Dragon to create its new ‘Rent to Buy’ scheme.
‘Rent to Buy’
Matt Hawkins, CEO of Knight Dragon explains: “We felt we needed an imaginative yet simple solution to help people onto the housing ladder. We want to help our communities by creating accessible ways for people – especially those who already rent with us – to live and buy in London. We want to enable people to enjoy their space from day one while putting their monthly outgoings towards the purchase of their home.
Knight Dragon’s ‘Rent to Buy’ scheme is particularly innovative for buyers because it means they don’t have to miss out on everyday experiences because their budget is being overstretched (they can still enjoy that daily uplifting coffee); the money they have set aside for rent is simply being used in a smarter way to build up their deposit. The ‘Rent to Buy’ approach also spreads out the cost – often one of the main barriers for affordability
Other developers have offered support for home ownership, but these are often incentivised saving schemes; this isn’t the case with the ‘Rent to Buy’ model. Instead of the usual 10% deposit, people only need to provide 5% then move into a flat on a 12-month licence to occupy. Upon completing the 12th monthly instalment, Knight Dragon gifts a 5% deferred deposit incentive to bring the final total up to the 10% deposit. Buyers also pay no service charge or ground rent during the first 12 months.
So far, nearly all of the people who’ve taken up the scheme have already been renting in Greenwich Peninsula and love living in the area. They’re professionals, families, couples and sharers from all sorts of industries who appreciate having the easy transport, culture and amenities that Peninsula Riverfront apartments offer: helpful concierge, screening and dining rooms where they can invite friends and family, welcoming gyms and outdoor terraces (without having to spend even more money on external expensive memberships) while working towards owning their own home.
As Hawkins sums up: “We know we can’t solve the housing crisis in its entirety, but we can think outside of the box.” Creative problem solving? It’s a very London state of mind.
How it works
1. Speak with the sales team
Book your viewing and explore your future home.
2. Secure your apartment
Pay a £2,500 reservation fee* upon approval of your offer and financial qualification.
3. Pay a reservation deposit (minus reservation fee)
Exchange contracts within 28 days of reserving your apartment.
4. Move in
Move in on a 12-month licence to occupy.
5. Contribute monthly
Pay monthly instalments equal to approximately 5% of the purchase price over 12 months.
6. Prepare to complete
During your licence, secure your mortgage and get ready to own your home.
7. Receive your 5% deposit incentive
Upon completing your 12th instalment, Knight Dragon will gift you with a 5% deferred deposit incentive.
8. Complete your purchase
Finalise within one month of your 12th payment**.
To find out more about the 'Rent to Buy' payment plan, contact Greenwich Peninsula Sales:
*Hamptons **Exchange contracts within 28 days of reserving your apartment. £2,500 reservation fee paid upon offer approval and subject to financial qualification by a mortgage broker. During your licence, secure your mortgage and get ready to own your home. Move in on a 12-month licence to occupy. Finalise within one month of your 12th payment. Failure to make instalment payments or complete the purchase will result in contract rescission and retention of the initial 5% deposit. Please note that ‘Rent to Buy’ is purely a description for the payment structure available. Occupancy during the 12-month period is under a Licence To Occupy as opposed to Assured Shorthold Tenancy and is in return for the payment of a licence fee as opposed to rent.
*Reservation fee paid upon offer approval and subject to financial qualification by a mortgage broker. **Failure to make instalment payments or complete the purchase will result in contract rescission and retention of the initial 5% deposit.
