TfL and Pocket Living tie-up for cheap London homes

Aaron Morby 6 months ago
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Transport for London has struck a deal with affordable homes specialist Pocket Living to build out several sites.

Pocket homes are prioritised for people who already live or work in the local borough and are first time buyers.

Pocket Living will build around 125 one bedroom homes on TfL sites, which will then be sold outright to buyers at a discount from the open market value.

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.

They 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: “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 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.

“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, with plans in place to build more than 10,000 homes on its own portfolio across London.

In September, TfL announced a partnership with Apartments for London to create homes over car parks and other available sites on TfL land. AfL is a specialist residential developer seeking to utilise precision-manufactured modular construction.

TfL is currently looking for a partner to create a build to rent joint venture to help deliver homes on its land.

Together the sites have the potential to deliver in excess of 3,000 homes, with a minimum of 40 per cent affordable on all new planning consents.

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