24 m2 ... Too small?

Angelicdevil · 22 August 2013 at 1:25PM

Tancred wrote: »

Here is another one of these micro-properties:

http://www.rightmove.co.uk/property-for-sale/property-39999709.html

A bungalow - but it looks more like an oversized garage to me. No bedroom and only 29 sq m.

Oh, the plans show a separate bedroom?

I thought that property wasn't too bad, light, bright rooms. Put a couple of stud walls in to enclose the kitchen, et voila.

But £145k......way over priced.

Svenena · 22 August 2013 at 1:39PM

I live in a (rented) studio flat which is 26 sq m. It's fine for just me - there's plenty of built in storage, and I have room for a double bed and a two-seater sofa in the living/bedroom. But I've been here for three years, and I do go a bit stir-crazy sometimes, and I'm looking forward to buying my own place with more space. There's no way I could live here with someone else; you'd drive each other insane.

One thing I really don't like about it is there's just not space to have my group of friends round. I don't have a dining table, so I can't even host a small dinner party. I would only buy a property like this if I was going to let it out.

googler · 22 August 2013 at 2:02PM

Tancred wrote: »

Prices in the UK are not calculated by sq m. EAs place much more importance on location, amenities, schools and the general environment.

Regardless of what the EAs do, would you pay £4,900 per sq m for a property if the average in the area was (say) £2,200 ...?

If you would, what would make you do that?

Tancred · 22 August 2013 at 2:56PM

googler wrote: »

Regardless of what the EAs do, would you pay £4,900 per sq m for a property if the average in the area was (say) £2,200 ...?

If you would, what would make you do that?

No, I wouldn't.

mart.vader · 22 August 2013 at 3:07PM

Just to put my two penn'orth in.

I know of a couple of houses in outer London, which contain self contained "studio" flats for rent (not for sale). They are 3.4m x 3.8m overall, i.e. just under 13m2. They have a shower / WC at the end, and oven, and a row of kitchen units and W/M along one side. Just bedsits, really, but they have cooking and washing facilities, en-suite.

Some of them have couples living there, one couple also have a kid living there and one, at least, also has a (small) dog ! !

Tancred · 22 August 2013 at 3:12PM

Here is an absolute beauty: http://www.homes-on-line.com/londoncentral/stern-studios.071/full_new/f071_658.htm

11 sq m!! How on earth could even one person live here? And it only has a 64 year lease.

Yet it sold, amazingly.

And here is another one: http://www.homes-on-line.com/londoncentral/stern-studios.071/full_new/f071_675a.htm

15 sq m! Advertised at £165k and under offer!! This is madness.

googler · 22 August 2013 at 4:28PM

Tancred, as the adverts say, they're fine for weekday sleepover, and I'll bet there's folks who can afford them just to save on a weekday commute.

They're essentially a small hotel room that you happen to own...

jaqui59 · 22 August 2013 at 4:49PM

Just going back to this problem with any property under 30m2 being potentially unmortgageable ... For what reason are the lenders doing this?

moneyistooshorttomention · 22 August 2013 at 5:00PM

At a guess....very restricted market to sell on.

Its my understanding lenders want to be sure they will recover their money IF (and presumably in a reasonable timespan).

Seems to be the case that:
- everyone wants 3 bedroom places (even if they don't actually need one as big as that)
- a lot will settle for 2 bedroom if they have to
- 1 bedroom flats are difficult to sell on

and, as for smaller than 1 bedroom flats (eg a studio) then the market is going to be very restricted indeed presumably.