Press Release: 24 September 2014
Affordable housing development launches in Wynne Road
Today, innovative housing developer Pocket launches a brand new development in the heart of Lambeth. Wynne Road SW9 offers 25 new homes for sale to middle-income Londoners who are priced out of the property market and salaried out of social housing. The scheme is Pocket’s first venture into Lambeth and will be ready towards the end of next year. This development is the start of a strong investment in affordable housing in Lambeth, with plans being considered for over 100 more Pocket properties by the Spring of 2016 with sites in Mountearl Gardens, Sail Street and Juxon Street.
Designed for singles and couples in the intermediate market, on a household income of less than £66,000, Pocket flats are sold outright at a price that is at least 20% cheaper than the average home in the same area. Pocket homes make a real addition to London’s affordable housing stock as the next buyer must also meet the same income eligibility criteria. One of Pocket's most striking distinctions is that buyers own 100% of their home which differs from more complicated shared equity schemes.
Wynne Road is one of Pocket’s first schemes to launch since it gained a £21.7 million loan from the Mayor of London’s Housing Covenant, which aims to help thousands of working Londoners into home ownership. Pocket’s loan runs for 10 years and all profits will be reinvested throughout this period to deliver the maximum number of homes by 2023. This public sector investment will work hand in hand with private investment from Lloyds Bank to finance many more schemes over the coming years.
The majority of Pocket developments will be in Zones 2, 3 and 4, and new homes will be ready for occupation in 2015. New developments are also launching in Marcon Place, Hackney E8 and Oak Grove, Cricklewood NW2. Pocket estimates that over the next 10 years it will invest around £500million in delivering new homes, generating over 5,000 jobs.
Marc Vlessing, CEO of Pocket, said:
“We are delighted to launch our first development in Lambeth, one of several we have planned for the borough. We are proud to work together with Lambeth Council to support the local community by providing innovative, modern and affordable housing options for London’s starter-home market.
“Today’s launch affirms Pocket’s pivotal role in providing affordable housing for London’s hard working singles and couples who otherwise risk becoming priced out of the housing market.
For more information or for interviews with Marc Vlessing, Director of Pocket, please contact Anastasia Batiuk on 0203 544 4944 or 07899 674544 firstname.lastname@example.org
Notes to Editors
- Pocket’s business model is to build affordable housing, without public subsidy, sold outright to buyers at a discount to the local market of at least 20%.
- The company works closely with local councils to develop smaller infill sites on brownfield land where a market developer would normally not provide much, if any, affordable housing.
- All Pocket buyers are singles and couples, and their current average household income is around £40,000.
- To ensure these homes reach the people they're intended for, each year the Mayor sets the maximum household income for eligible buyers and the maximum price of a flat (currently £231,000). Buy-to-let investors are excluded, and Pocket leases ensure that on resale the homes remain affordable as they can only be sold to eligible buyers.
- Buyers of Pocket homes own 100% of the property from day one, so they have no extra rent to pay and no uncertainty.
- For more information please visit www.pocketliving.com