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Micro mansions set to become popular in UK, it is suggested
Rising house prices, particularly in London, have left many people with little option but to opt for the most affordable, and sometimes smallest, home they can find, it is claimed. However, extra small living spaces or micro mansions are in fact highly sought after in many cities providing they are well designed and perfectly positioned, according to agents. In its Housing Futures report, national estate agents Strutt & Parker identifies the trend for this type of property as something we should expect to see a lot more of in the UK in the years to come. ‘Small can be beautiful. The micro mansion serves as the ultimate living solution for those who prize location over space. As urbanisation gathers pace around the world, central locations in the most sought after cities have become too expensive for the majority,’ said Stephanie McMahon, head of research at Strutt & Parker. She explained that dedicated tiny living spaces are not oddities that can be found in every city, where broom cupboards have been converted into some semblance of accommodation but carefully designed and well planned homes. ‘The rise of the micro flat looks set to mirror what has happened with modern technology. Everything in our homes will shrink as they become smarter and more compact,’ she added. Whilst proper micro mansions are not big in the UK as yet, they are far more common in Japan and the US. A micro mansion is 100 to 250 square feet, compared to a typical small bedroom flat of around 750 square feet. They often have the ceiling height to accommodate mezzanine sleeping spaces and are designed to be much like a boat with each component serving two of more uses. Typical features are under floor storage, pull down beds, steps that convert to chairs and sofas, and kitchen worktops that slide away after use. ‘Micro mansions have the potential to provide a viable solution to the UK’s housing crisis in crowded cities. They attract those requiring short term space, or who work in multiple locations and simply need a place to sleep. As our cities accelerate their pull on the global workforce, they will be increasingly popular,’ said McMahon. Continue reading
Mayor concerned about number of tall buildings on London site
The Mayor of London has intervened in the proposed redevelopment of a site on the Isle of Dogs following concern that too many tall buildings are being proposed without an overall vision for the area. South Quay in Tower Hamlets is made up of numerous small plots of land and many of the individual land owners want to construct their own tall buildings. But the Mayor believes that sensitively managed tall buildings that are well designed and in the right place, will help London address its housing need. However, he is concerned that without an overall strategy for South Quay, the tall buildings proposed could have a detrimental impact on London's skyline and the public realm. As a result, the Mayor is now working with the London Borough of Tower Hamlets who are developing a Masterplan for South Quay. The plan will establish the key priorities for the area so that new buildings are delivered in a planned, sustainable and responsible way. ‘South Quay is enjoying unprecedented interest from developers all of whom want to bring forward their own plans. While we want to see the comprehensive regeneration of the area, what we cannot allow is a situation where planning is granted on a first come first served basis with no overall strategy, as this could eat up valuable space, have a negative impact on the public realm and potentially cause other schemes to collapse,’ said Sir Edward Lister, Deputy Mayor for Planning. ‘This Masterplan will allow us to take a coordinated approach so that this growth is managed in a sensible way with developers coordinating their proposals. It will allow us to maximise the area's huge potential while ensuring that all development contributes directly to the sustainability of the area,’ he explained. ‘The Mayor firmly believes that tall buildings play a valuable role in addressing some of our housing needs but it is essential that the right buildings are built in the right places,’ he added. By working with the council, the Mayor hopes that the Masterplan will be brought forward more speedily so that there is clarity for developers about what schemes are suitable. This will ensure that the key planning objectives for this key growth area can be met. The Masterplan will also ensure that the social and physical infrastructure required to realise and support this unprecedented growth is delivered in a managed way. Developers are being encouraged to proactively engage in meaningful discussions to ensure that their proposals respond appropriately to this emerging vision. The Mayor also intends to develop an Opportunity Area Planning Framework to building on the work of the Masterplan and addressing the wider Isle of Dogs. Continue reading
Mansion tax would hit flats and terraced properties rather than palatial residences
A mansion tax for properties in the UK would not hit large detached palatial houses in London owned by exceptionally wealthy people but flats, according to a new analysis. The proposal has been criticised for its disproportionate impact on London so international real estate firm Knight Frank has undertaken an analysis of the two prime central London boroughs of Westminster and Kensington and Chelsea. The two boroughs contain 46% of the total number of £2 million plus properties in the whole of England and Wales, with the potential overall financial contribution likely to far exceed that. Furthermore, 26% of £2 million plus properties in England and Wales are flats in the two London boroughs, not the type of large detached property envisaged by the tax. More significantly, across the whole of Greater London, 38% of all £2 million plus properties are flats while only 14% are detached properties. Terraced houses are the second largest group at 36% while semi-detached properties make up the remaining 12%. ‘The figures demonstrate the mismatch between perception, in particular the term mansion, and the reality of the London property market, where three quarters of £2 million-plus properties are either flats or terraced houses,’ said Tom Bill, head of London residential research at Knight Frank. He also pointed out that any further property tax would also come on top of the large and growing contribution London already makes in the form of stamp duty. New data for the 2013/2014 tax year shows London properties contributed 81% of stamp duty revenue in the £2 million plus price bracket in England and Wales, up from 79% in the previous year. Additionally, £2 million plus London properties accounted for 14% of total stamp duty revenue in England and Wales while London transactions across all price brackets accounted for 42% of total revenue. Another concern that has been outlined is that house price growth, which is traditionally stronger in London than other areas of the country, means more properties would become subject to the tax over time. Since the idea was first floated five years ago, a property worth £1.08 million in prime central London would have grown to £2 million, based on price growth of 85% for properties worth between £1 million and £2 million within the prime central London index. Continue reading
