A sitrep, or “situation report”, is a military term for a periodic report on the situation in a particular area. District 34 will be publishing sitreps to keep our members informed of the latest updates with the community.
Since the launch of our Homeownership Accelerator Scheme last month, the District 34 team has been taken aback by the volume of applications from Londoners looking to buy their first home, despite our limited marketing budget.
A timely article in the BBC today helps to explain the interest we’ve received, and we are grateful for the patience of our members as we process each application and feed it into our models.
Here’s the lowdown on the community to date, based on the applications we’ve received so far:
Where do our members work?
Unsurprisingly, Central London is the most popular location for work for our members, with 12% of our members coming from the City (EC1). London Bridge (SE1) comes in second at 10%, and Kings Cross / Euston (N1) in third at 8%.
The average monthly rent paid by our members overall is £839 pcm, which is significantly lower than the average London rents being reported by Rightmove and the Greater London Authority. Based on individual feedback from our members, this is because they share a property and divide the rent with other housemates, in order to afford a property within easy commute to their workplace.
Due to the lack of specificity in the numbers, we estimate that the average income for our members is around the £45,000 mark. The largest group earns between £20,000 to £29,999 (25%), with the second largest earning £40,000 to £49,999 (18%).
The average deposit saved by our members is £12,825. 23% of our applicants have zero deposit saved up to date, with a small number of members who have mega deposits (over £100,000).
Our unique community-powered model means we only bring forward developments that are the most needed. Based on the current situation, District 34 will be launching our first development shortly, targeted at our majority demographic (and then working our way down the list!)