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Developer to build 4,000 lower cost homes in a decade

A firm part funded by the Mayor of London will build 4,000 homes over the next 10 years.

Development company Pocket announced today it has would build 400 homes for sale at below-market prices by 2016 across eight boroughs.

The firm received a £21.7m, 10-year loan from the Mayor of London announced in February. A spokesman for Pocket said it planned to build 4,000 homes to be sold at sub-market prices in that time, part-financed by the loan and partly from its own profits.

Today it said it would build 400 reduced-price properties by 2016 across eight boroughs.

As part of the terms of the loan it must reinvest its own profits in new homes.

The firm said the first homes should be ready for occupation by October 2014.

The spokesman said Pocket was not allowed to give the name of contractors appointed to the first schemes.

He added: “Pocket intends to enter into a framework agreement with a selected contractor which will be announced in due course, and they also expect additional open tender opportunities for subcontractors and other suppliers.

“In terms of timeframes for building work to begin, onsite work for the first new developments is expected to proceed in the second quarter of 2014.

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