Pocket Living


#1

Anyone heard of this then?

https://www.pocketliving.com/

1-bed flats in London built for people with incomes of less than £90,000, sold at a 20% discount.

Seems… too good to be true?

p.s. they are still really expensive


#2

ugh hate that style of website design, cba


#3

haha who is earning more than £90,000 fuck me


#4

absolutely shitloads of people in London


#5

tech people. finance people


#6

nobody should earn that


#8

ah to live in a ‘pocket’ together.


#9

not really what the thread’s about - if anything surely this initiative agrees with you?


#11

I don’t think people need to own their own homes…


#12

prices on the currently available ones start at 167,000 and go up to £360,000 (although that is for a 2-bed)

it’s not clear if that’s including the 20% discount however as it says ‘full price’


#14

I’d like to see how they prevent people from ‘flipping’ the property - presumably there’s a clause locking buyers in for a certain period of time as they say it’s not a shared ownership property - and I’d like to see how they prevent people from renting out the apartments or putting them on AirBnB.

I like the design of the units and think they’re a decent use of space. It doesn’t feel like a fudged answer to the problems in the market, but instead looks like a decent attempt to tailor the product to how many people now actually want to live in London.


#16

It reads like the full price is set at 20% below the surrounding market rate.


#18

Like a five-year fixed with a ‘no convert to rent’ clause?

Presumably then, the 20% discount would be recouped by higher interest rates over the term of the mortgage.


#19

So cynical, marckee!


#20

Not at all, but I do wonder how they have managed to make the 20% thing work and how they stop flipping, if it isn’t a shared ownership scheme.


#22

If you move after the lock-in period (if there is one) then I wouldn’t count that as flipping.


#23

All the completed ones are all reserved, and to find out about the upcoming ones, it looks like you have to live or work in the borough?


#24

Where is all the promised storage in those designs? Under the bed?


#25

More like out of pocket living! Mirite…


#26

There are decent-sized cupboards in the hallway and master bedroom.