Could Micro-Flats be the future?
Published: 25th February 2022
Written by: Jack Graham
With London property values increasing and the cost of living following a similar pattern, ask yourself, would a 7 square metre micro-flat in Lower Clapton be enough to convince you to downsize?
Its an unusual thought, whether we can can condense the entirety of our home-based life to a space that seems so insignificant. The property would give you barely enough room to lay out six bath towels and if equipped with the finances and eccentric mania to do so, you could fit roughly seventy of these properties within a single basketball court. As expected, with a property of this size, there would be some serious sacrifices made in regards to living conditions. You’d have to be happy sleeping above your cooking facilities and being within arms reach of your kitchen sink.
We wouldn’t suggest that any tenants planned on hosting wide arrays of house-warming parties or late-evening soirees.
Sold under the gavel earlier this week, a micro-flat in Lower Clapton is believed to be the smallest property to hit the market within the entirety of the Capital. This property comes as an answer to those looking for a place to sleep, eat, wash and repeat. Ideally, this property would serve an individual who doesn’t intend on spending much time indoors. The property benefits from easy access to the overground and by extension, Liverpool Street Station which is roughly a thirteen minute commute via the overground.
The property was due to be sold last week, however, due to the ongoing media coverage and attention on social media, it was delayed. Buyers had been advised to be willing to pay for the property in cash. Due to the small nature of the apartment, mortgages and loans for such an asset are few and far between.
Here at Get Planning, we are able to recognise how this property could be considered as an interesting investment opportunity for any perspective Landlords. With the ever-increasing flood of young professionals flocking to London ceasing to slow, there is a constantly widening market of first-time renters seeking a property with an invitingly low rate of rent. We’ve recently witnessed first-hand the increase in demand for smaller and more compact properties.
This unexpected home-for-one will began bidding at £50,000. The Guardian suggested, prior to sale, that the property is likely to exceed this figure. It was only in 2017 that the location in question was sold for £103,500. This time the building wasn’t quite as desirable, however still reached an impressive £90,000.
Whether you believe this building to be an outstanding element of property development and innovation, or are concerned whether this is merely the beginning of a tirade of micro-flats, further decreasing the quality of affordable homes and further pushing property prices, make sure to keep an eye open for similarly interesting ventures to hit the open market in the near future.