In recent weeks The Big Issue has been looking at big ideas to address the housing crisis, examining new solutions to get more homes built.
The Mayor of London Sadiq Khan believes he has found one, committing £25 million to help developer Pocket Living create more than 1,000 “affordable” homes, flats typically sold at least 20% below market rates.
Pocket Living has specialized in building “micro” flats in the capital, with many smaller than 400 square feet.
The company boasts it delivers quick builds, having adopted “off-site” construction techniques, with most parts of the home prefabricated in factories before being craned in and assembled on site.
The £25 million additional funding from the Mayor’s office will help acquire brownfield sites suitable for high-density flats. Pocket Living has committed to building (or at least starting) 1,059 homes, both one and two bedroom, by March 2021.
The sum will be paid back by the end of the next decade, under the terms of the deal announced today.