Mayor of London Sadiq Khan has put £25m towards a new initiative to boost the number of offsite homes for first-time buyers in the UK capital.
Developer Pocket Living will be expected to deliver high-density housing on small brownfield sites across the capital and use offsite construction where appropriate to speed up delivery.
The company is utilising the finances, from the mayor’s Innovation Fund, to build homes comprising one and two-bed flats. The properties are designated for first-time buyers and will specifically target those already living in the scheme’s respective localities.
The cost of these properties is expected to be 20 per cent lower than market value. Mayor Khan reportedly commented: “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.” Mayor of London – Sadiq Khan.
“That is why I am working with Pocket Living to build more than a thousand homes for first-time buyers, using the latest offsite construction techniques to provide attractive and affordable homes as quickly as possible.” Mayor of London – Sadiq Khan.
“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.”■
Sadiq Khan – Mayor of London