The Mayor of London, Sadiq Khan, today approved plans for a new development at Addiscombe Grove in Croydon, over 70 per cent of which has been secured as affordable for first-time buyers to buy at a discount below the market price.
The developer, Pocket Living, has further agreed in principle to make the remaining homes available for shared ownership, making all 153 homes genuinely affordable.
The homes are expected to remain affordable for the lifetime of the building, with Pocket marketing and selling the homes to residents and workers in the borough.
Pocket typically provide one or two-bed flats for first-time buyers. The homes being delivered by Pocket in this scheme for discounted market sale are affordable with a 5 per cent deposit to households with a salary of £39,000, and they can only be sold to residents and workers in the borough.
Click here to read more about the Mayor’s work to make housing more affordable for Londoners.