London Mayor pumps £25m into Pocket Living

Aaron Morby 2 years ago
Share

London Mayor Sadiq Khan has struck a £25m deal to boost new factory-built affordable one and two-bed homes for first-time buyers in the capital.

The investment in offsite starter home specialist Pocket Living will see work start on at least 1,059 new homes by March 2021, with a third expected to be built off-site in a factory and dropped into place.

Pocket one or two-bed flats are sold to local people at least 20% cheaper than market sales.

The funding, which will be paid back in full by the end of the next decade, will help finance ongoing site purchases for development.

This will enable Pocket to raise the rate of delivery of high-density flats on small brownfield sites in the Capital.

Sail Street-45 Sail Street-48

The funding package is part of the Mayor’s Innovation Fund, using investment secured as part ofthe Mayor’s  £3.15bn deal with government in November last year.

Khan, said: “The housing crisis is the biggest challenge facing Londoners today and I have been honest from the start that we won’t be able to turn things round overnight.

“I am working with Pocket Living to build more than a thousand homes for first-time buyers, using the latest off-site construction techniques to provide attractive and affordable homes as quickly as possible.

“I will continue to use more of my £3.15bn of funding to invest in innovative schemes like this to build the genuinely affordable homes Londoners need.”

Marc Vlessing, CEO of Pocket Living, said: “Our mission has always been to open up the housing market to hard working young Londoners on low to middle incomes by delivering homes they can afford. This growing group is greatly in need of innovative housing solutions.”

The investment will be used alongside £35m of funding from the Homes and Communities Agency to build homes on the first set of sites to come forward.

 

Latest news

Shaylor owed subbies “more than £17m”

Supply chain left in the lurch again as anger rises over latest contractor failure
6 mins ago

Restructure returns Sir Robert McAlpine to profit

McAlpine delivers £7m profit in turnaround year after £3.8m in redundancy pay-outs
18 hours ago

Severfield warns steelwork tender margins tightening

Steelwork contractor reports awakening bid activity in London office market
52 mins ago

Plan to start £85m Eden Project North in 2020

Five giant mussel-shaped domes planned as Morcambe Bay seafront attraction
6 mins ago

Bridge construction uses mountain building techniques

First steel sections installed at stunning Tintagel Castle bridge
14 hours ago

27% of roof steel stripped from HS2 station design

Value engineers save £7m on Balfour Beatty/Vinci's Old Oak Common station project
23 hours ago

Scape slashes firms on next generation Venture framework

Venture Framework contractors cut from 13 to six firms
2 days ago

Galliford Try Partnerships buys northern builder

£62m turnover Strategic Team Group to be renamed Galliford Try Partnerships Yorkshire
2 days ago

FRP Advisory appointed Shaylor administrator

Administrator confirms around 200 redundancies at collapsed Midlands contractor
2 days ago

Buckingham bags relief road for HS2 village

New route will spare Northamptonshire village from site traffic
1 day ago

Skills card scheme shuts safety test loophole

Tightening up of rules will see everyone sit a current CITB safety test
23 hours ago

Kier cutting 1,200 jobs and selling housing arm

Contractor quitting non-core operations as debt levels rise again
2 days ago

Boost your online presence – join the Enquirer Directory

Site for suppliers and buyers showcases products, services and latest stories
1 year ago

Shaylor staff laid-off by Sunday morning email

Over 200 staff to be axed as directors confirm Shaylor is heading for administration
2 days ago

Willmott Dixon margin hits 2.8% as profit soars

Group builds cash reserve to weather further Brexit project delays
2 days ago

Multiplex brings profit back on track

Profit recovers to £18m on revenue of £1.1bn
2 days ago

Roof safety horror show lands contractor in court

Photos show roofers risking their lives after HSE had already served a stop notice
2 days ago

United Living wins £18m Poole tower blocks revamp

Project Admiral will see four housing tower blocks upgraded
2 days ago

Shaylor files notice of intent to appoint administrator

Subcontractors walk off sites as Midlands contractor seeks extra finance
5 days ago

Bidders day for £900m Heathrow rail tunnel project

Planned 6.5km rail link between the Great Western Main Line and London Heathrow Airport
5 days ago

Grenfell: 75% of unsafe blocks still to be reclad

Owners of 328 high rise blocks still need to complete remediation
5 days ago

Building products firm Alumasc issues profit warning

Problems at Levolux division cast shadow over upcoming results
5 days ago

Wooden football stadium plan rejected

Council rejects Forest Green Rovers plan for Zaha Hadid designed new ground
6 days ago

Flannery Plant Hire spends £30m on Cat machines

Huge deal signed at Plantworx exhibition
5 days ago

£1bn Stratford East Bank scheme clears final planning

Cultural and education centre in Olympic Park ready to go
6 days ago

Ringway wins £420m road maintenance deal

Highways England East Region contract could last 15 years
6 days ago

Hammerson unveils new Birmingham city quarter plan

1,300 homes and 1.4m sq ft of workspace planned for Martineau Galleries site
6 days ago

Planning row sees roads blocked on Persimmon site

Council blocks construction traffic to housing site
6 days ago

Tolent lands £84.5m Durham Milburngate contract

Contractor bags one of its biggest ever deals with main construction work set to start shortly
7 days ago

Government commits to net zero carbon by 2050

Industry must quickly rise to the challenge of improving the existing building stock
7 days ago

Contractor services