Collyer Bristow comments on co-living schemes appealing to all ages
Property lawyers Collyer Bristow comment on the Social Market Foundation report that says co-living schemes are appealing to all ages.
Co-living schemes, with individuals living in small bedrooms but with access to communal kitchens and living space are the answer to the UK’s urban housing crisis, says a report published today by the Social Market Foundation.
The report suggests that co-living schemes should be available to buy rather than the current rental model.
A study conducted by the law firm Collyer Bristow of 424 18-44-year olds living in London and the South East in 2018 found that whilst just a very small percentage currently live in co-living schemes, 74% would consider co-living as a step towards home ownership.
Janet Armstrong-Fox, Head of Private Client Property at Collyer Bristow said:
“Our study found that co-living schemes appeal equally to men and women and, surprisingly, to all ages. Successful schemes work as residents feel that they live in the whole building rather than just one room. That means room sizes can be much smaller when compared to studio apartments.
“Our study found that co-living schemes are, however, seen as a stop gap measure towards the longer-term aspiration of home ownership.”
The Social Market Foundation found that under 40s would most like free parking, a gym, a private swimming pool, kitchens and entertaining spaces in co-living schemes.
The Collyer Bristow study found by comparison that a single monthly payment with no hidden costs is the most attractive feature of co-living schemes.
“Location is the next most important factor, followed by outside space and proximity to good transport links. The inclusion of a gym only appealed to 26% of our panel. The sense of community is important too – loneliness is a very real issue for all ages and co-living schemes can and do provide a ready-made community with operators often providing a full programme of events and activities.”
Headline findings from Collyer Bristow’s Ownership Attitudes and Aspirations report:
- 100% of 20- to 24-year-olds hope to buy their own home, falling to 59% for 25- to 34-year-olds.
- Just 9% have no aspirations to buy their own home at all.
- Price (77%) trumps location (61%) when choosing a home.
- New homes predominantly funded by savings (63%) and almost a third supported by the ‘Bank of Mum and Dad’ (32%).
- 31% of current homeowners inherited their property or funds to enable a property purchase.
- 74% would consider living in a co-living build to rent scheme.
Collyer Bristow’s Ownership Attitudes and Aspirations report is based on a panel of 424 adults aged between 20 and 44 living and working in London and the South East, living both in rented accommodation and their own homes.
Kindly shared by Collyer Bristow LLP