Press Release: 07 March 2017
Innovative partnership with council to see delivery of affordable homes in Waltham Forest
London’s fastest growing affordable home builder Pocket has today kicked off the construction of its first development in Waltham Forest as part of an innovative partnership with the council.
Cllr Khevyn Limbajee, Waltham Forrest’s Portfolio Lead Member- Housing, broke ground at the new development on Gainsford Road today [Tuesday 7 March].
Pocket is building 45 affordable apartments, in the heart of Walthamstow, on the site of disused council offices. Pocket is working on the development with Gort Scott Architects – an award winning young architecture practice who have previously been involved in the transformation of Walthamstow Central Parade into a creative and cultural enterprise.
The new one-bedroom apartments will be prioritised for first time buyers who live or work in Waltham Forest and will be offered at a price point of 20% less than the local market average. They will be available to those on middle-incomes who are priced out of the property market and salaried out of social housing.
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, this differs from more complicated shared equity schemes.
Pocket has doubled its development pipeline year-on-year since 2013 and the ambition is to complete 4,000 homes by 2023. The company is working with over half of the capital’s local authorities to deliver much needed affordable housing.
Pocket currently has developments in Hackney, Camden, Lewisham and Lambeth (among other boroughs).
Cllr Khevyn Limbajee, Cabinet Member for Housing said:
“I’m very pleased that we have reached an agreement with Pocket around the sale of 47 Gainsford Road, which will help to provide more affordable homes in the borough, and help more first time buyers to take their first steps on the property ladder.
Supporting affordable housing for everyone’s needs is one of our top priorities, and as part of this we have reviewed our own building stock to identify which sites could potentially be developed to provide much-needed new homes. Pocket come with an impressive track record of delivering innovative housing solutions across London, so I look forward to seeing this exciting new development progress in Waltham Forest.”
Pocket CEO Marc Vlessing said:
“We are delighted to launch our first development in Waltham Forest. It’s a borough that is incredibly popular with first time buyers and one where there is a very high demand for affordable home ownership options like Pocket.
Pocket is always looking for new and innovative ways to help house London’s first time buyers.
“We are now the fastest growing developer in London and our partnership here in Waltham Forest will open up homeownership to as many people as possible at a time when young people are struggling to gain a foot on the property ladder.
“We are grateful for Waltham Forest Council’s support in this enterprising new venture at Gainsford Road.”