London News & Search
The cost has been revealed of cheap new “micro-flats”, coming to central London and designed to help thousands of people threatened with being priced out of the capital.
A housing regeneration developer based in the city has said it wants to combat the chronic unaffordability of London homes with a new “compact living” scheme designed to lure young professionals back into Zone One with reasonable rents.
Developer U+1 has revealed rents will range from £700 to £1,200 per month, with at least 50 per cent achieving the London Living Rent.
It added that it hopes 100 per cent of the homes will eventually be available for the London Living Rent. They would also be rental only – meaning they cannot be bought and sold on.
The homes, called Town Flats, are intended as a solution for middle income earners – those earning £30,000 to £60,000 a year.
Developer U+I has already created two test apartments in their offices in Victoria, designed by Manser Practice and architect Ab Rogers, and is already consulting on five central London sites, each of which could hold 200 to 300 flats.
They would have a floor size of either 19 or 24 metres squared and will be built in blocks with shared communal areas in nine inner London boroughs.
Research suggests building just five blocks of the mini flats in each of the nine London boroughs could provide 4,770 extra homes in the centre.
“For too long and for too many people London has been hollowing itself out, diluting the rich blend which has made it the global capital,” said U+I deputy chief executive Richard Upton.
“The centre is now only affordable to either the very wealthy, only occasionally present, or those living in what social housing remains.
“For a new generation of workers in the middle, often working centrally, living in the middle of London has long been a dream.”
Mr Upton added: “We want to develop something that not only re-fills hollow London, but also brings communities back to life and delivers real social and economic benefits.
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