The Mayor of London, Sadiq Khan, has invested £25 million in Pocket Living - a developer which uses modular construction to build affordable homes – to boost the number of new affordable one and two-bed homes for first-time buyers in London.
The investment will help Pocket Living deliver at least 1,059 new homes by 2021. A third of these homes will use innovative modular technology and be built off-site in a factory and dropped into place.
Who can buy these homes?
These homes are for local first-time buyers who already live in the borough. They will be sold at least 20 per cent cheaper than the market rate.
Where did the money come from?
The funding is from the Mayor’s Innovation Fund, using investment secured as part of the Mayor’s record-breaking £3.15 billion deal with government in November last year to build more affordable housing for Londoners.
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