Are microflats the answer to London’s affordable housing shortage?

One of the greatest debates of our times has undoubtedly been about how we can tackle the increasing shortage of affordable residential property across the UK – particularly in the most in-demand city centres such as London. Could the emergence of microflats be the answer?

That question played on our minds recently as we read about the regeneration specialists U+I, and their claim that the development of tiny flats in areas of currently largely unaffordable housing provision could help to revive communities presently being “hollowed out”.

Wealthy buyers continuing to acquire homes in the capital

Anyone who walks around certain areas of central London these days will probably have some sympathy with the oft-voiced frustration that rich investors from outside the capital are increasingly snapping up property that is then often being left empty for months.

Indeed, a report last month commissioned by the Mayor of London stated that foreign investors purchased 13.2% of all property in the capital sold between 2014 and 2016. Meanwhile, according to the Government’s latest English Housing Survey, home ownership levels across England are at a 30-year low, and the country hasn’t had this many private renters since the 1960s.

So, should a new generation of hardworking professionals for whom a pad in central London may otherwise be a distant dream be getting excited about U+I’s plans to build ‘microflats’ in the capital?

A ‘partial solution’ to a problem that isn’t going away

U+I has created two test apartments – or what it calls Town Flats – in its Victoria offices, and after officially launching them on Wednesday, will seek a landowner with which to partner to make such ‘microflats’ available to those seeking an affordable home in the centre of the city.

Richard Upton, deputy chief executive at U+I, has commented that “with the pace of change in London in particular, we are concerned that if the crisis goes over a tipping point, it will lead to London being highly dysfunctional and hollowed out, with areas that are either unaffordable or inaccessible.

“If a city is not inclusive, and not supporting its entire workforce properly, it won’t be a living city.”

It’s a plan that we’re giving a cautious thumbs-up…

These are still early days for U+I’s Town Flats – the company is still attempting to persuade five local authorities in London to allow it to build blocks of the flats on council-owned brown field sites. Under the plans, the new homes would each offer 19 square metres or 24 square metres of space, compared to current planning guidelines that urge a minimum of 37 square metres. They would be priced at up to £1,100 a month in rent.

That’s a lot less room in which to fit a chest of drawers or computer table than many of us may be accustomed to, so you may not expect us to be big fans of the project here at Furniture in Fashion! However, we will also watch the progression of this project with interest.

Who knows… maybe quite a few of you reading this will be future residents of these flats, and may even turn to Furniture in Fashion for the furniture items that will help to make them feel truly like your own?