With housing space in London at a premium, it can be challenging for first time buyers to get started on the market, particularly young professionals just starting out with their careers. Developers are looking at the opportunities the market conditions have created and are coming up with some really innovative solutions. Microhomes are becoming more and more popular because they can fulfil the needs of residents whilst working within very limited spatial constraints.
Whether referred to as microhomes, studio flats or compact apartments the properties all have similarities in terms of how they maximise available space. Floor space can range from as little as 15 square metres to larger spaces around 35 square metres. Some properties include kitchenettes whereas others have communal facilities like dining rooms, common rooms and even leisure facilities for residents. An increasing number of developers are looking at the opportunities to redevelop older properties into modern, compact residential blocks.
One of the most impressive projects is The Collective. They have refurbished twenty buildings to date, creating housing for 350 tenants. Prices for their microhomes range from £190 per week up to £250 but this includes all bills. The homes are being snapped up mainly by professionals in their 20s and 30s looking for quality housing. Plans are in place to build additional properties to increase the availability of affordable housing even further.
If you’re considering investing in property in London you could find fantastic opportunities by looking at microhouses. The important thing to remember when choosing this option is that the quality of the housing is essential; when you ask people to compromise on the size of the home it is key that you provide value with what is available. You also need to get the pricing right so you deliver the kind of affordability people are looking for. With our expertise in property investments and estate management in Redbridge, we can help you to make the right decisions when it comes to deciding where you want to invest.