As millennials are priced out of London's traditional housing market, co-living micro flats is a fast growing area, and one private investors and venture capitalists are eager to tap into. Rosanna Philpott reports.
A big expensive city, and a full time job.. for many young and single professionals that spells unaffordably high rent and seclusion (SOUNDBITE) (English) MICROFLAT RENTER, MICKY SUNG SAYING: "During the week i felt quite lonely that's what I found in London you can get quite lonely, unless you're living with people" Enter co-living Blocks of so called microflats where residents rent tiny apartments and share facilities like dining areas, work spaces, lounges, libraries and gyms. As Millenials are priced out of London' traditional housing market co-living microflats is a fast growing area - and one private investors and venture capitalists are eager to tap into They've already poured more than 1.3 billion dollars into blocks like the Old Oak. (SOUNDBITE) (English) THE COLLECTIVE'S HEAD OF COMMUNITY EXPERIENCE ED THOMAS SAYING: "I'm very confident that this is how people will live in the future. We're in the midsts of a loneliness epidemic, you read studies about it all the time that this generation is increasingly isolated and lonely, it's incredibly difficult for young people to find good quality affordable housing in london. Big socio economic shifts and housing not catching up with that. co-living will be the next big thing in property." Some property companies say co-living won't overtake traditional flats and say while the blocks are socially encompassing - they cost a lot to run. But investors still expect the demand to grow and more microflat developments are planned across London and Europe.