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UK property investments
28 OCTOBER 2018 • MY PROPERTY, MY HOME
MICROAPARTMENTS IN CROYDON The world in miniature
London’s housing crisis plus rising property prices have certainly made life challenging for fi rst-time buyers. However, the answer to getting on the property ladder could be a microapartment, as Grahame Anderson discovers
S
maller, cheaper and cost eff ective, microapartments off er an obvious solution to providing private
accommodation both in and around our big cities. It’s something more and more people are beginning to consider, as transport costs continue to rise and saving up a deposit on that fi rst home becomes an even greater challenge. It’s true to say, however, planning restrictions have prevented delivery at scale. T e nationally described ‘Space Standard’ means planners and councillors view microapartments as ‘sub-standard’ regardless of customer preferences, design effi ciencies, specifi cations, technology or shared facilities. For interested companies, it’s impossible to get planning permission for new-build microapartment schemes. But as space standards don’t apply to conversions, microdevelopers have taken advantage of offi ce-to- residential ‘Permitted Development’ rights to deliver microapartments aimed at young professionals and millennials, and occasionally downsizes, or those wanting a pied- a-terre. T ey’re certainly not suitable for families though.
MICROBENEFITS: • T ey often have the ceiling height to accommodate mezzanine sleeping spaces, designed to be much like a boat — with each component serving two of more uses.
• Typical features include underfl oor storage, pull-down beds, steps that convert to chairs and sofas, and kitchen worktops that slide away after use.
• T ey can cater for the increasing number of people who want to live alone.
• Micro apartments off er the perfect alternative to renting — especially in London.
• Reasonably priced spaces in parts of the city that people want to live in are an added attraction; especially for young professionals.
THE CASE STUDY Ally Redding, 26, is a fi rst-time buyer at Inspired Homes Central Cross development in Croydon. A consultant within the insurance industry, Ally had been renting with friends in Tooting, South West London, but was keen to get on the housing ladder as soon as possible. Ally bought a one-bedroom
microapartment at Central Cross for
£284,950 with the assistance of Help to Buy London. Close to East Croydon station, off ering good transport links for work in central London and close to Croydon High Street, she liked the fact the development feels homely, safe and secure. She told me, “I’m delighted to have
been able to aff ord to buy on my own in a buzzing town so close to London. I like the safety features at Central Cross, such as video entry, which make me feel secure in my own home. Being brand new and with high specifi cation interiors, the apartment will require very little cost or eff ort to maintain. It doesn’t feel small for a fi rst home and has a balcony, which is great when the sun makes an appearance!”
INSPIRED HOMES Martin Skinner, CEO of Inspired Homes, said: “Microapartments aren’t suitable for everyone, but they do have a role to play in helping young people on average graduate salaries get onto the housing ladder. When faced with the choice of living with parents well into their 20s or even 30s, or sharing a house with strangers for extortionate rents, the prospect of owning a light, bright,
ALLY IN HER MICROAPARTMENT
high-spec and hi-tech private space is extremely appealing.”
FUTURE HOUSING In its Housing Futures report, leading national estate agents Strutt & Parker identifi es the trend for this type of property as something we’ll see a lot more of in the future. Head of research Stephanie
McMahon explains: “Microapartments have the potential to provide a viable solution to the UK’s housing crisis in crowded cities. T ey attract those requiring short- term space, or who work in multiple locations and simply need a place to sleep. As our cities accelerate their pull on the global workforce, they’ll be increasingly popular.” Excellerated urbanisation has
without doubt made living in central city locations too expensive for most people. T is new housing concept facilitates a 21st-century solution to those who prize location over space. Vanessa Hale, director in
research at Strutt & Parker, added: “Microapartments are the ultimate solution. Typically around 100-250sq ft in size, they’re carefully designed and planned homes. T is isn’t something yet seen on any scale in
the UK, but there’s been an increase in co-living off erings and serviced apartments, both of which provide a smaller living footprint in city centre locations.”
THE DEVELOPMENT London developer Dienne, in Mill Hill, has launched a collection of seven industrial, warehouse style homes. T ey come fully furnished with everything from designer furniture, bed linen, towels, mugs and even 43-inch Samsung Smart TVs — buyers simply need to turn up with their clothes and toothbrush and they’re ready to move in. T e one-bedroom, one-bathroom
apartments are situated within easy reach of Mill Hill high street and Mill Hill Broadway mainline. Prices start from £275k and are available via Help To Buy with a 5% deposit. Nick Staton of Statons Estate
Agents says: “We’ve just launched the fi rst development to off er microapartments in North London. As the new property phenomenon, we expect them to become very popular very quickly. For further information, contact
Statons on 020 8441 9555 or visit the website at
statons.com
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