Cut-price Kentish Town flats for ‘30-somethings on middle incomes’ unveiled
- Credit: Archant
A new three-storey block of cut-price flats designed for young people earning less than £90,000 a year has been unveiled.
The development – in Willingham Terrace, Kentish Town – provides 18 one-bed flats for £315,000 each.
All the homes have been snapped up, with every buyer from Camden and on an average yearly salary of £47,000. Their average age is 30.
A third of the new owners work in Camden and a third are local teachers.
One, Franziska Christen, said she was “hugely grateful” to builders Pocket, whose mission is to help young workers get their own place in the city.
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She said: “My dream of owning a home is now reality.
“It is so difficult for first-time buyers to find somewhere affordable in their local neighbourhood and close to work.”
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The land for the project – which was previously occupied by disused garages – was bought from Camden Council, which promised to reinvest the cash in building affordable homes and repairing council houses.
Councillor Pat Callaghan, cabinet member for housing, said at the unveiling on March 16: “We welcome this type of innovation from developers that can help people working in key professions in Camden to buy their first home here.”
Pocket’s CEO Marc Vlessing, meanwhile, said he was grateful for the council’s help.
He added: “Willingham Terrace gives young 30-somethings on middle incomes – the beating heart of our local and national economy – the rare chance to own their home in Inner London.”
Pocket – which has developments in Haringey, Hackney, Lewisham and Lambeth – eschews “extravagent” materials to build its homes.
The flats are sold at 20 per cent below the market rate, but buyers must work or live locally, be first-time buyers and earn less than £90,000 a year.
Buyers own 100pc of the property but if they sell it on it must be to people who meet the income limit.