Sadiq Khan is investing 25m to bring 1,000 affordable "Pocket Homes" to London

  • Posted 9 months Ago

The Mayor of London, Sadiq Khan, has announced that he will be investing 25 million to bring 1,000 affordable pre-fabricated apartments to London.

The homes, which are expected to be completed by 2021, will be constructed by developer Pocket Living, who specialise in 400-square-foot modular apartments. When finished, the apartments will only be offered to first-time buyers who already live in the relevant borough and will be sold about 20% below the market rate, hopefully keeping them affordable (relative to other London properties, of course).

"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," said Khan. "For decades, we have simply not built enough new and affordable homes in the capital, meaning that for too many Londoners the dream of buying their own home is getting further and further out of reach. That is why 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."

Stay tuned for more info.

Image via. Pocket Living's website