Micro-home growth reached a new high in 2016, with almost 8,000 of the less than 37 square meter dwelling places being built. For comparison’s sake, that’s about the same size as the average tube carriage. Unfortunately, micro-homes don’t necessarily grow in value like their big brothers, and many mortgage lenders will not deal with loans on these tiny properties. And you may not want to consider a micro-home if you have anybody else living with you; overcrowding at home can lead to things like depression, relationship issues, and even asthma.
Key Takeaways:
- The micro-home buying craze is alive and kicking in the United Kingdom, with more Britishers going for the option.
- A chronic lack of supply in the property market has led developers to slice up existing buildings to create multiple micro-dwellings.
- An act called Permitted Developer Rights, introduced and passed in 2013 gives developers the go ahead needed to create these tube-carriage-dimensioned living spaces.
“British families live in some of the most cramped conditions in Europe, with the UK having the smallest homes by floor space area of any European country.”