Press release

Affordable housing developer Pocket Living has completed the sale of two affordable rental assets, together worth over £70 million. The deals, which signify a new chapter for the business, provide over 250 homes across London, the majority for rent at discounts to market and demonstrate the investor demand for well-priced rental assets in London. 

The move also comes at a time of unprecedented rental demand within the Capital and a critical shortage of housing options in London and across the UK. According to Pocket’s recent ‘Breaking Point’ Report, over three-quarters of renters now claim housing is unaffordable in the capital and over half (51%) feel that supply is poor, a figure which has increased from just 29% in 2021.

With a history spanning 18 years in creating compact, affordable-for-sale homes, Pocket is diversifying its portfolio to include a variety of affordable rental options to run alongside its traditional discount-for-sale product.

Advised by CBRE, Pocket has just completed the sale of a 197-home asset at Osier Way. The scheme which is a majority rental offer will help address some of London’s significant housing challenges and once again demonstrates Pocket Living’s commitment to innovation in the affordable housing space. 

Pocket has also completed the sale of an affordable rental scheme at King’s Cross to CBRE Investment Management (CBRE IM) on behalf of its UK Affordable Housing Fund. Cadence, a development of 60 homes, provides housing to local people in Camden.

Paul Rickard, Chief Financial Officer at Pocket Living, said:

“It should not be underestimated how important this milestone is for the development and growth of Pocket Living. For 18 years, we've been at the forefront of innovation in London's housing sector, and our delivery in the rental market is a continuation of this legacy. We remain deeply committed to providing affordable housing for working Londoners, and these two developments are a testament to this commitment.” 

ENDS

For further information, please contact FTI Consulting: pocketliving@fticonsulting.com

About Pocket Living 

Pocket Living is an innovative housing developer, supported by the Mayor of London and Homes England, delivering well-designed, sustainable and affordable homes for London’s city makers.

Pocket is currently the only UK developer dedicated to building grant-free affordable homes.

Established in 2005, Pocket specialises in delivering homes for those on moderate incomes, people who are essential to London’s economy but who cannot afford on the open market and earn too much to qualify for social housing.

For nearly two decades, Pocket has been dedicated to providing discounted market sale housing in London, helping over 1,000 first-time buyers in over 65% of London’s boroughs.

But as the affordability challenges change within London, Pocket recognises the need to adapt with them. That is why in 2024, the business will be pursuing a range of innovative affordable rental products to run alongside the traditional Pocket offering. 

For more information on Pocket homes visitwww.pocketliving.com or Pocket’s YouTube channel:https://youtu.be/vaso1tUlxt4 

Instagram: @pocketliving

TikTok: @pocketliving