London is a city renowned for sky-high rent and housing prices, leaving many people to question wether they will ever be able to afford a flat in the city. Aimed at City Makers, Pocket offers an alternative to the traditional housing market and the chance for young professionals to buy their first home.
Average earning Londoners are often stuck between the social housing and real estate market, making too much to qualify for social housing and not being able to afford a downpayment for a flat on the market. This forces many people out of the city, further stratifying London city life, creating long, unsustainable commutes and putting pressure on businesses whose employees have been forced to move out of the city. Pocket, a new private property developer, builds compact, accessible homes for City Makers. With the goal of offering attractive, well-situated flats at a fair price, Pocket designs and builds homes for the many “young, middle-earning Londoners who contribute to their city in so many ways, but can’t afford to buy their first home.”
Several guiding principles set Pocket apart from other private property developers.
- Pocket builds one bedroom apartments that are priced at least 20% lower than the open market.
- Their properties are available only to first time buyers from the local borough.
- The flats feature communal outside spaces, are located close to public transport and feature secure bicycle storage instead of car parking.
These guidelines entail that they offer attractive, well-located homes for a fair price for the numerous young, middle-earning residents who often find themselves faced with the dilemma of not being able to afford their first home. Pocket works to carve out a space for the middle class in one of the world’s harshest real estate markets, contributing to a diverse city life full of City Makers.