Property developers in the capital are building microhouses and hostels for young professionals who are priced out of the local property ownership and rental markets.
Typically the properties are studios or bedrooms with shared areas, or small flats. The Collective, a start-up landlord, is planning a 300-unit property in Willesden, North London, and a 29-storey tower in Stratford, East London. Its properties are fully-furnished, average 15-20 square meters and cost £190 to
£250 a week, including bills.
RealStar Living, a Canadian landlord, is also entering the microhousing market, with blocks of studios in Old Street, Clapham and Stockwell. Meanwhile, Pocket Living, an apartment developer, is planning 400 compact properties in the next 18 months.
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