- New developments will include 100 per cent genuinely affordable housing
- Local people and first-time buyers will be prioritised even when sold on
Pocket Living, will build around 125 one bedroom homes (subject to planning) on TfL sites, which will then be sold outright to buyers at a discount from the open market value. Pocket homes are prioritised for people who already live or work in the borough and are first time buyers. TfL’s commitment to delivering social rented and other genuinely affordable housing on sites it is releasing for residential development is one part of the Mayor of London’s work to tackle London’s housing crisis.
Pocket homes are targeted specifically at local singles and couples, who earn too much to qualify for social housing, but are priced out of the open market. Pocket buyers own 100 per cent of their property from day one. In the future when Pocket 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.”
The TfL partnership with Pocket Living is one of many announced in recent months. TfL is leading the way on delivering homes on public sector land, with plans in place to build more than 10,000 homes on its own portfolio across London. Since May 2016, half of all the housing that TfL has brought forward has been social rented or other genuinely affordable homes. As well as providing homes, TfL sites are opening up new spaces, creating thousands of jobs and delivering improvements to the transport network, such as step-free access.