Thousands of people who have been priced out of living in the capital because of sky-high rents and housing costs could move to central London in new cheaper ‘micro flats’.
Almost 8,000 homes smaller than 37 sq metres – roughly equivalent to the size of a London tube carriage – were built last year. The UK, which is already known to have some of the smallest homes in Europe, is seeing a growing appetite for micro apartments, particularly in major cities where space tends to be at a premium. For a long time now, ‘Zone One’ in central London has only been affordable to the very wealthy, only occasionally present, or those living in what social housing still remains. For a new generation of workers in the middle income bracket, working centrally, living in the middle of London has been an unobtainable dream.
Although allowing developers to circumvent strict space standards in order to build more homes could result in a serious decline in quality, imaginative developers can use the challenge of building small to come up with innovative ideas for space saving.
Despite the micro nature of the apartments, they are designed to feel bigger and more open than their actual size, with energy efficiency in mind. What’s more, they usually aim for a community feel and sometimes include high-end amenities such as gyms, communal work spaces, concierge services, cupboards for deliveries and bike storage areas.
In recent years, architects have been able to persuade some politicians that smaller properties are the way forward, and importantly a means by which to help resolve London’s well documented housing crisis. Mayor of London Sadiq Khan has committed a £25 million loan to developer Pocket Living to build more than 1,000 affordable small homes by 2021.
Some lenders are reluctant to grant mortgages on the smallest homes, and there could be limits on how little space even the most desperate homebuyer is prepared to accept. However, with the average London micro property selling for £279,000, smaller homes could represent a real opportunity.
