Pocket Living Help to Buy in London - What is a Pocket Home, by SAM Conveyancing. London Skyline showing London Bridge.
Thinking about buying a Pocket Home?
Our experienced mortgage brokers will help you work out your budget.

We handle the whole of the application process for you. 100% impartial advice.
 

Pocket Living Help to Buy in London

Caragh Bailey
20/06/2022
2
3 min read
Pocket Living offer affordable housing to local first time buyers in London. They are unique in their design, which reduces development cost, keeping their prices low.

The one bedroom flats are sold at least 20% under local market value.


Like all affordable housing schemes there are restrictions as to who can buy with them.

Am I eligible for pocket living?

  • You must live or work in the borough of the development
  • You must be a first time buyer
  • Your income must fall within the Mayor of London's threshold for affordable housing (currently £90,000)
There are also restrictions on the properties themselves:
  • You must live in the property (this is verified annually)
  • You cannot let or sublet the flat to anyone else
  • You must re-sell the property through Pocket Living, who will ensure it goes on to help another eligible buyer get onto the property ladder.

Which London Boroughs have Pocket Living Help to Buy?


Pocket Living developments For Sale:
Pocket Living Developments Coming Soon:
There are further completed developments all over London, where properties will occasionally come up for resale.

What is a pocket home?

They are mostly one bedroom flats with a modular design:
  • Double bedroom with full height windows
  • Open plan kitchen/living/dining toom with full height windows
  • Wet room with walk in shower

They are small, but feature high ceilings and floor to ceiling windows to make the spaces feel light and airy, with a small utility cupboard for storage and a storage area in the bedroom.

There are now a limited number of 2 and 3 bedroom properties available, for which families will have priority.

How big is a pocket home?

The one bedroom homes are 38 square metres, or 409 square feet. They have no private gardens or parking spaces, but do come with a secure area to keep your bike.


Frequently Asked Questions

There are three main options:
  • Shared Ownership
  • Help to Buy
  • First Dibs for Londoners
To get affordable housing in London, you'll first need to speak to a mortgage advisor - to find out how much you might be able to borrow.

Pocket Living is one of many Help to Buy schemes. Compare it with other options such as My Pocket account to see what properties they may have available to you.

You will need to provide details including your income, deposit, occupation and borough.

Pocket Living will then notify you of any homes you are eligible for, as they become available.
Affordable housing comes at different prices for different types of property, depending on the property prices in the area and the average income or residents.

In broad terms affordable housing in London is housing priced to be 'affordable' to those individuals or households earning below the median income.

The current threshold for household income in London is £90,000 per year.
Yes, after you have owned the property for at least one year. You will only be able to sell to people who meet the same criteria that you had to meet to buy in the first place.

Pocket Living guide their owners when they are ready to sell on. They also offer a resale marketing service, for 1% of the sale price plus VAT (inc. the 0.5% certification fee already stipulated in your Pocket Living lease).

Looking at buying your first home?

You should get a mortgage in principle before you make an offer.

Free Consultation | 100% Impartial Advice | Access to the whole market

 
Proud of our Reviews
SAM Conveyancing Reviews
SAM Conveyancing Reviews  322 Google Reviews
 
 
Unbeatable Quote
Rated Excellent on Trustpilot with fixed fees and a friendly team to help you. See for yourself - get a no obligation online quote today.
Agree to Terms & Privacy
 
Check Availability
We work with local surveyors throughout England and Wales. Why not check our next available date for your area now?
Agree to Terms & Privacy
 
Free Appointment
Book a free mortgage consultation with our panel mortgage broker today and see what the best mortgage rates are for you.
Agree to Terms & Privacy
Buying a house for the first time - First time buyer guide from SAM Conveyancing

Buying a house for the first time - First time buyer guide

10/05/2020
247
First Time Buyer Mortgage Advice from SAM Conveyancing's expert First Time Buyer Mortgage Advisors. A young couple sit across a desk from their mortgage broker, shaking hands.

First Time Buyer Mortgage Advice

06/06/2022
144
London Housing Market Report - Feb 2022 - From SAM Conveyancing

London Housing Market Report Feb 2022

19/02/2022
6
cpphone.png
FREE Online Conveyancing Process for Buyers

Includes online checklists, videos, downloads and tips - plus it is completely free to use from start to finish and saves your progress along the way.