{"id":1078,"date":"2024-02-20T15:23:58","date_gmt":"2024-02-20T15:23:58","guid":{"rendered":"https:\/\/waltersoriano.com\/?p=1078"},"modified":"2024-02-23T15:57:34","modified_gmt":"2024-02-23T15:57:34","slug":"the-evolution-of-co-living-spaces-in-the-uk","status":"publish","type":"post","link":"https:\/\/waltersoriano.com\/the-evolution-of-co-living-spaces-in-the-uk\/","title":{"rendered":"The Evolution of Co-living Spaces in the UK"},"content":{"rendered":"\n
In a time of shifting work schedules, urbanisation, and lifestyle changes, co-living spaces have become a popular alternative to traditional housing, dramatically altering the residential market in the United Kingdom (UK). This article examines the emergence of co-living spaces, their attractiveness to a wide range of consumers, and their significant effects on the national housing market. <\/p>\n\n\n\n
What is co-living?<\/strong> <\/p>\n\n\n\n Co-living spaces are a contemporary take on community living, where people share facilities, living quarters, and common areas. These areas encourage convenience, teamwork, and a feeling of community while providing an alternative to conventional living arrangements. <\/p>\n\n\n\n Property expert Walter Soriano says, “Co-living spaces appeal to individuals desiring a balance between privacy and social interaction, flexibility, as well as affordability.”<\/em>\u00a0<\/p>\n\n\n\n As a matter of fact, co-living is huge in popularity and certainly on the rise in the UK. \u201cCo-living is the new buzzword in the property development industry and is becoming increasingly popular in the UK due to its social and sustainable aspects. Co-living is a new way of living perfect for millennials, students and young professionals. Co-living is connected to Build to Rent and is a segment of it.\u201d1<\/a><\/sup> <\/p>\n\n\n\n Appeal to Diverse Populations<\/strong> <\/p>\n\n\n\n A wide range of groups, such as pensioners, students, young professionals, and digital nomads, are drawn to co-living places. Co-living provides young professionals with easy access to major cities, networking opportunities, and a hassle-free living environment. <\/p>\n\n\n\n Shared resources, a friendly environment, and reasonably priced housing are all advantageous to students. Impressively, \u201cOn average, residents within co-living spaces decrease their carbon footprint by a whopping 35%.\u201d2<\/a><\/sup> <\/p>\n\n\n\n According to Walter, “Co-living spaces offer a diverse array of living arrangements that suit the unique needs as well as tastes of different demographic groups, promoting inclusivity and diversity.”<\/em> <\/p>\n\n\n\n Further support comes from Savills, an established homebuilder in the UK, which stated that \u201cCo-living schemes are now becoming established in London, through developments such as The Collective in Canary Wharf, Folk in Battersea and Enclavein Croydon. <\/p>\n\n\n\n It\u2019s also beginning to find its feet in other cities. There are 2,500 beds soon to complete in Manchester, Watkin Jones & Moda are preparing schemes in Leeds with Birmingham, Edinburgh, Glasgow, Sheffield, Newcastle, Cardiff, Nottingham and Bristol all having a growing pipeline of projects coming through, which is encouraging to see.\u201d3<\/a><\/sup> <\/p>\n\n\n\n Nevertheless, Savills points out certain challenges associated with co-living spaces, which are important to be noted. Thus, \u201cWhile there are circa 4,000 operational co-living units, we believe there\u2019s potential demand from 1,900,00 tenants (600,000 in London alone). There\u2019s a few factors slowing supply: the market is still very much nascent, and has a smaller footprint relative to sectors like hotels, PBSA and Build to Rent, which are also competing for land. <\/p>\n\n\n\n