TfL announced partnership with affordable house builders as part of new plan for 10,000 homes

Katherine Johnston (15 October, 2018) Housing

Homes aimed at first-time buyers

25853A Pocket Homes build in Walthamstow

Transport for London is building ‘100 per cent genuinely affordable homes’ for first-time buyers across London who are currently priced out the market, it announced today.

In a partnership with house builder Pocket Living, TfL says it will build around 125 homes if it gains planning permission on its sites.

The new homes will then be sold to buyers at a ‘discount from the open market value.’

Those living and working in the area, and first-time buyers – will take priority.

And, if the homes are sold in future, the new buyers must also meet this criteria and have a household income below the London Mayor’s affordable housing threshold.

House builder Pocket Living’s homes are sold with a local market discount price of at least 20 per cent. Buy-to-let investors are excluded, and owners are not allowed to sub-let.

Graeme Craig, director of commercial development at TfL, said: “Pocket Living is building a great reputation for high quality, genuinely affordable housing for first-time buyers, and will help us develop sites that would not otherwise come forward.

“This partnership marks another important step in us assembling the most important development pipeline in London – building thousands of social rented and other genuinely affordable homes across the capital and generating hundreds of millions of pounds to reinvest in the transport network.”

The News comes two weeks after developer Apartments for London announced its own partnership with TfL to build new homes on car parks near trail tracks in London, with plans for 450 affordable homes expected to be submitted later in the year.

TfL plans to build more than 10,000 homes on public land in London, reinvesting profits into improvement work, including more step-free access to its stations.

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