Micro homes are typically in prominent locations and often have communal areas inside and outside. The newer homes are usually well designed and have features such as air ventilation and good sound insulation.
How common are they?
There are high numbers of micro homes in major cities such as London, Leicester, Liverpool, Cambridge and Bristol. Demand for cheap housing in urban areas along with rising house prices has driven up the supply of these small establishments.
Micro homes are great for a cheaper alternative to regular sized properties, coming in at an average of £279,000 in London, which is less than half the average price of London homes sold in 2016. This shows they are a cheaper method of getting on to the property ladder, but buyers should also consider whether they will be a good investment and if they will be happy living in such a small space.
Who are micro homes built for?
As micro homes tend to be cheaper, close to cities and small, they are mainly bought by first time buyers and young professionals. However, they are often advertised to investors who benefit from capital growth and rental income.
How easy is it to get a mortgage on a micro home?
It is a common misconception that micro homes are extremely hard to mortgage. While they may be trickier to agree a mortgage on, some lenders will consider this type of property (subject to valuers comments). The likes of Santander, Nationwide and Halifax do not have minimum requirements for the square metre size of a property to make it eligible for a mortgage.
If you would like some more advice on the prospect of buying a micro home then speak to our adviser today