The political party conference season often provides a wide forum for debate from the sublime to the ridiculous, but EYE is unsure where to place this idea.
Housing minister Gavin Barwell told a fringe event at the Conservative Party Conference in Birmingham this week that one solution to the property shortage would be to build smaller homes so young people can afford to get on the ladder.
He cited pocket housing schemes in London where developers can get more flexibility on space standards.
Barwell said: “Most people, given the choice, would like to live in a nice big home. But I think for many young people – if I was 22 today, I would rather have the chance to own that than be priced out.”
He said more innovation was needed in the private sector to solve the housing shortage.
The Pocket Living Scheme in London is available to those earning less than £90,000 and working locally. They must be a first-time buyer.
As an example, a development in Homerton, Hackney, has one-bedroom 38 square metre flats for sale at £282,000.
In comparison, Land Registry data shows the average price paid for a flat in Hackney in July was £498,893 while figures from Foxtons data shows the average price for one-bed flats in the borough is currently£354,279.
Comments (3)
The 38m² ‘micro flat’ is a shade over 409ft² in ‘old money’. It seems to me that how large any property feels is as much related to its feeling of lightness and quality of design as it is to its internal floor area. A flat we have recently sold exemplifies this. A former owner was a talented architect and the kitchen and bathroom would be at home in a yacht. Clever space saving design, coupled with imaginative lighting meantsthat this home feels bright and airy despite its diminutive size (it is only 312ft² / 29m²). It may be viewed at https://www.martinco.com/property/for-sale/236036
I agree with you on that one. And the Pocket Living product is a good one. It is really about good design and the recognition that in London in particular there simply isnt the space to measure up to previous space standards (if you pardon the pun!!).
The minimum space standards in the UK are definitely pricing young people out of the market. It is perfectly feasible for people to live in 30 square metres if the space is well planned. There is absolutely a need for more innovation in the housing sector, if only our nanny state will allow it.