“Size not important” say young Londoners

Young Londoners would rather rent a tiny studio flat rather than a large property which was not so well located.

High-end letting agency Knight Frank surveyed 18 to 24-year-olds to ask if they would be happy in a “microflat” – described by the agency as “a small studio flat around 300 square foot in size, in a building with communal entertaining space”. 45% of those questioned in London indicated that they would consider such an option.
 
Apparently 32% of 25 to 34-year-olds and 37% of 35 to 44-year-olds also agreed. The national average, claims Knight Frank, is 27%.
 
Some 56% of 18 to 24-year-olds cited that renting suited their lifestyle needs.  About 30% of 25 to 34-year-olds in London said the same, as did 27% of 35 to 44-year-olds.
 
"In terms of location vs affordability, a significantly higher proportion of Londoners, especially younger tenants, are prepared to live in smaller types of accommodation to ensure they are in a good location at an affordable price," said Grainne Gilmore, head of UK residential research at Knight Frank.

"The private rented sector is growing in London and across the UK. While this is undoubtedly linked to trends in house prices, the sector is also expanding amid a demand for a more flexible workforce in key urban areas."