TfL and Pocket Living tie-up for cheap London homes

Aaron Morby 3 months ago
Share

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.

Latest news

Kier chief Haydn Mursell exits

Mursell resigns with immediate effect amid mounting shareholder pressure
21 hours ago

Sureserve sets aside cash for Lakehouse contracts

Former owner makes £2.5m provision as subcontractors hit by pay rows
12 hours ago

Digger driver destroys Travelodge in pay row

Site worker goes on rampage over unpaid wages claim: Video
1 day ago

KPMG suspends Carillion’s lead auditor

Peter Meehan and three members of audit team suspended
2 days ago

Bouygues to start work on 26-storey Bristol tower

Construction to get underway this month on city centre site
20 hours ago

Balfour ground engineering project boss joins Volker

Jane Towse-Laval joins Volker Ground Engineering as project director
21 hours ago

£100m Clydeside build-to-rent development gets green light

Developer to pick contractor to start work in third quarter
21 hours ago

Hunt starts for £25m Royal Vet College builder

Work due to start this summer on Hertfordshire campus hub
21 hours ago

Sanctuary and Galliford Try JV to start fourth major scheme

Around 375 homes will be built in Leamington Spa
21 hours ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
9 months ago

BAM bags £27m brace of Scottish healthcare projects

Work starts next month on Greenock Health Centre and Glasgow mental health campus
2 days ago

Vital Energi lands £3.8m package from Berkeley

Major M&E infrastructure deal at west London site
2 days ago

TCS to start northern apart-hotel and PRS schemes

Town Centre Securities to start Leeds and Manchester projects early this year
2 days ago

Hirer Plantforce saves over 100 Hawk jobs at Hinkley

South west hirer buys over 100 Hawk machines from administrator
2 days ago

Forecasters slash 2019 construction growth to 0.3%

Building contractors feel pinch as Brexit uncertainty drags on
2 days ago

Willmott Dixon wins National Gallery revamp

Latest London landmark win for interiors division
2 days ago

Serious Fraud Office launches probe into North West sites

Series of addresses searched over suspected fraud on developments in Liverpool and Manchester
5 days ago

20 consultants win £100m Homes England framework

Aecom, Atkins, Jacobs, Mace and WSP make new multi-disciplinary framework
6 days ago

Summer site start for £200m Birmingham mixed use scheme

Colmore Tang to build Connaught Square scheme featuring 27-storey tower
5 days ago

Hitachi halts construction work at Wylfa nuclear site

Japanese giant fails to strike funding deal with UK government
6 days ago

Build-to-rent home construction jumps 40%

Number of rental homes in planning jumps 10% to over 60,000
5 days ago

BAM wins £320m Scotland and North East railways deal

AmcoGiffen, Story Contracting and QTS also secure framework places
6 days ago

Galliard and O’Shea team up for £130m Nine Elms scheme

Plan for over 260 homes on one of seven plots at former Royal Mail site
6 days ago

Buyer deposits repaid as Manchester’s tallest tower axed

54-floor St John's Place residential tower pulled in face of cooling demand
6 days ago

Billionaire Warren Buffett targets UK construction insurance

Berkshire Hathaway Specialty Insurance enters market as contractors struggle for cover
6 days ago

Skilled trades pay rates hit £1000-a-week in Midlands

Self employed workers enjoyed wage rises of 6.7% last year
6 days ago

Kier boss leaves to become Rydon construction head

Mark Norris leaves operations director role at Kier after 13 months
7 days ago

Go-ahead for £60m Nottingham HMRC hub

Bowmer & Kirkland believed to be in line to build Unity Square offices
6 days ago

Crooked bookkeeper stole £100k from cladding contractor

Court hears how mother and daughter used company cash to fund their lifestyles
6 days ago

£50m stands approved for Lords cricket ground

Builder ISG to start in August on new Edrich and Compton stands
7 days ago

Contractor services