Press Release: 22 September 2016
New Hackney Mayor visits innovative developer offering locals a route into homeownership
• Philip Glanville, the new Mayor of Hackney, makes a visit to a development for first time buyers in the borough.
• He will lay the final concrete slab as part of the construction of the development, by innovative private developer Pocket, on Rosina Street in Homerton.
• Pocket builds flats for local first time buyers who are salaried out of social housing, but priced out of the open market. They call this group city makers.
• The new development will consist of 29 new flats for city makers. These homes are sold at a discount of at least 20% to market and will make a vital contribution to the area’s housing mix.
[22 September 2016] Today, Philip Glanville, the new Mayor of Hackney, will make a visit to a development specifically for middle income first time buyers in Hackney. At the Rosina Street development in Homerton he will lay the final concrete slab to complete the construction of the development and see how Pocket is delivering homes at scale.
Pocket is now one of the capital’s fastest growing developers for middle income first time buyers. With the help of a £26.4m loan from the Mayor of London’s housing covenant fund and a landmark strategic investment from American housing giant Related Companies, Pocket aims to build 4,000 homes for Londoners priced off the property ladder and salaried out of social housing.
Pocket homes are built for singles and couples with an average household income of around £37,000. All of their homes are 20-30% cheaper than the local average. The last completed Pocket flats sold for £165,000.
Philip Glanville, Mayor of Hackney, said:
“We’re building more social housing than anywhere else in London, but as a city we also need to do more to help first-time buyers on middle incomes get a foot on the property ladder.
“I’m pleased that innovative developers like Pocket are helping Londoners trapped in a cycle of spiralling private rents and house prices to find a realistic way of owning their first home.”
Pocket Chief Executive, Marc Vlessing, said:
“The demand for housing in the UK shows no signs of cooling. We know that we need to build at least 250,000 homes a year to meet demand. Not only do we need to ramp up the number of homes we’re constructing, but clearly we need to do it more quickly.
“We are delighted that the new Mayor helped us complete the construction stage of our second development in Hackney, one of several we hope to deliver in the borough. We are proud to work together with Hackney Council and the Mayor to support the local community by providing innovative, modern and affordable housing options for London’s starter-home market”