Young renters in London would opt to live in city-centre in micro-flats, according to a Knight Frank survey.
The agent said 54% of 18-24-year-olds would be happy to live in a studio flat with shared communal space if it meant rent was more affordable in central London.
Some 39% of 25-34-year-olds and 42% of 35-44-year-olds in the capital would do so.
When asked if they would live in a “microflat”, a small studio flat of around 300 sq ft, 45% of 18-24-year-olds in London indicated that they would consider such an option. This is much higher than the overall British average of 27%.
Grainne Gilmore, head of UK residential research at Knight Frank, said: “In terms of location versus affordability, a significantly higher proportion of Londoners, especially younger tenants, are prepared to live in smaller types of accommodation to ensure they are in a good location at an affordable price.”
Gilmore added: “It is notable that a higher proportion of Londoners are planning to stay in the private rental sector for between one and two years than in the rest of the country.”
A fifth of 35-44-year-old Londoners living in the private rented sector expect never to own a home, while some 18% of London tenants said they would always remain in the private rented sector, the survey revealed.
