Pocket homes
Pocket homes are a type of flat developed by Pocket Living. They were created by chief executive Marc Vlessing as a solution to the problems faced by London's ‘Generation Rent’. His answer was to make them smaller.
Pocket homes are 38 sq. m but are designed with the ‘psychology of space’ in mind, appearing to be larger than they are. They incorporate underfloor heating rather than radiators, showers rather than baths, and high ceilings to maximise natural light. Each flat has a hallway with utility cupboard and storage space, open plan kitchen and dining area, living space, and a separate bedroom. To maximise land use, the flats do not come with car parking.
The average Pocket home is 20% cheaper than a conventional flat.
Potential purchasers must be first-time buyers earning less than the Mayor of London’s affordable housing limit (up to £90,000 per household as of 2018), and must be living or working in the relevant borough. When the buyer comes to sell the Pocket home, they must also sell to someone earning below the limit, which effectively caps the property value by aligning it to wage increases rather than property prices.
In 2017, Mayor of London Sadiq Khan announced a partnership with Pocket Living, offering a £25 million loan to build more Pocket homes across London.
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