London Mayor approves affordable off-site construction homes for first-time buyers

by:
  • 13/02/2018
  • 0
London Mayor approves affordable off-site construction homes for first-time buyers
Mayor of London Sadiq Khan has approved plans for a 21-storey building in Croydon to be constructed off-site, with the whole development intended as affordable housing for first-time buyers (FTBs).

 

The contract will be undertaken by developer Pocket Living, which typically builds one or two-bed flats off-site to specification in a factory, then drops them in place using a crane on site in the capital.

The project will see 153 homes built in Addiscombe Grove in Croydon. More than 70% of the completed homes will be sold to FTBs at a discount from market price, available with 5% deposit to households with a salary of £39,000.

Pocket Living has agreed in principle to make the remaining homes available for shared ownership.

The homes will also be sold exclusively to residents and workers in the borough.

This latest deal comes after Pocket Living received £25m of City Hall funding last year to build 1,059 homes by 2021, with a third expected to be built off-site in a factory.

The Greater London Authority (GLA) also loaned Pocket Living £26m in 2013, bringing total investment by the GLA in the developer to £51.4m.

 

Bold approach

The mayor said that the off-site approach allows for faster construction on site and has the potential to increase capacity in the industry.

“Tackling London’s housing crisis requires bold new approaches. We know turning things round will take time, but off-site construction is an innovative way to speed up building the affordable homes our city needs,” said Sadiq Khan.

“I invested in Pocket Living to help them build genuinely affordable homes that are sold to local people first,” Khan added.

Marc Vlessing, chief executive officer of Pocket Living, said: “We’re delighted that the Mayor has approved our exciting first scheme in Croydon. At Pocket, we always aspire to lead the way. Addiscombe Grove is a great example of this, where we are aiming to use modular construction to deliver homes faster and increase the genuinely affordable housing provided from 73% to 100%.”

Vlessing continued: “Once again, the Mayor has shown his commitment to tackling the housing crisis through backing innovative solutions that deliver significant levels of affordable homes. We are proud to share City Hall’s vision for housing in the capital.”

 

The video below shows how Pocket Living assembles its houses:

 

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Bridging

Keep up-to-date with all the breaking bridging and short-term lending news and analysis, from regulatory changes to product innovation and inside market knowledge. Take a look at our broker and lender case studies showing short-term finance in practice.

Commercial

Find all the news, opinion and analysis for property finance brokers specialising in commercial and semi-commercial mortgages, alternative and development finance for commercial investments in residential projects.

Second charge

Stay up-to-date with the latest news, analysis and opinion on the secured loan market as it evolves into a mainstream finance option following European regulation on 21 March 2016.

Complex buy-to-let

Whether it’s a complicated asset or a complex customer, you’ll find out all the breaking buy-to-let news in this section. From limited companies to portfolio landlords, student lets to a House in Multiple Occupation, we’ve got all bases covered with our up-to-the-minute news, analysis and opinion.

Mortgage Solutions

Find all the breaking news, analysis and industry comment on Specialist Lending Solutions' sister site, Mortgage Solutions

Read previous post:
UKAR readying to sell another £5.5bn of taxpayer-backed mortgages – reports

Investment firms are lining up to buy another multi-billion pound slice of mortgages taken over by UK taxpayers at the...

Close