Image: pocketliving.com
Compact homes developer Pocket Living has struck a deal with Transport for London (TfL) to build 125 one-bedroom homes on TfL sites.
The agreement is part of TfL’s aim to build more than 10,000 homes on its own portfolio of land across London.
The homes will be sold outright to buyers at a discount from the open market value and will be prioritised for people who already live or work in the borough and are first time buyers.
Pocket homes are aimed at local singles and couples who earn too much to qualify for social housing but are priced out of the open market.
When the homes are sold on, new purchasers must meet the original criteria and have a household income below the Mayor of London’s affordable housing threshold.
Graeme Craig, director of commercial development at TfL, said: “Pocket Living is building a great reputation for high quality, genuinely affordable housing for first-time buyers, and will help us develop sites that would not otherwise come forward.
“This partnership marks another important step in us assembling the most important development pipeline in London – building thousands of social rented and other genuinely affordable homes across the capital and generating hundreds of millions of pounds to reinvest in the transport network.’
Marc Vlessing, CEO Pocket Living, said: “Pocket Living is delighted to be working with TfL to deliver homes Londoners desperately need.
“Pocket has always been at the heart of innovative collaborations in the housing sector and we believe new thinking and working in partnership is crucial if we are serious about tackling the housing crisis.
“More affordable homes are crucial for London’s city makers, its teachers, nurses and charity workers, who are currently priced out of the open market and salaried out of social housing.
“The Mayor and his team at the GLA and TfL have rightly identified affordable housing as a priority and recognised the need to speed up the supply of homes.”
