A £400,000 parking space? Better start saving.
The Telegraph will tell you that London space is the pinnacle of premium, unsurprisingly. An article last February detailed the UK’s most expensive parking space at an astronomical £400,000. Unfortunately the article doesn’t give us an exact measurement, but an informed source tells us that the minimum size of a parking space should be 2.4 x 4.8 metres. Maybe this one’s a little bigger than that – but you get the idea.
On a more serious note: a one bedroom city-centre London flat will cost you around £611 a week to rent, and £529,000 to buy. That’s quite a price tag for convenience. Take a look at this article too, which shows just some of the poor-quality housing space people are forced to pay for. Okay, so maybe it’s not the most representative cross-section in the world, and maybe there are some good deals out there. But do we really have to run this kind of risk when we’re simply trying to get on the ladder?
It’s not just London either; everyone across the country is feeling the pinch. The surge in living costs mean that even in cheaper areas, first time buyers are taking much, much longer to move out of their childhood homes (in fact, the Office of National Statistics tells us that since 1996, the number of 20-34 year olds living with their parents has risen by 25%). People are able to save less than they used to, and are expected to reach a larger savings goal. It’s a bit like chasing a carrot on a stick.
It’s this that inspired us to develop YO! Home. The clever apartments are designed to simply expand property space. Moving parts draw on the wealth of engineering technology taken from fields as diverse as yacht and automotive design, and the mechanics of stage production, allowing the transformation of a 40 square-metre space (the size of a studio or one bedroom apartment) into what feels like a much bigger home.
Through a commitment to high-quality living, without the associated high costs, YO! Home will attract buyers of all ages and backgrounds, and help to make home buying an exciting adventure again – not a costly aspiration.
The homes are put together on an assembly line, a bit like how you’d expect a car to be built, and we simply drop them into place on-site, hooking them up to utilities when they’re ready. This type of modular build really helps to drive down costs, and means we can bring everyone the affordable luxury living they deserve.
We envision tower blocks of single space YO! Homes in city centres, from Manhattan and Buenos Aires, to Tokyo and Shanghai. We want to change the way people live in small spaces, whilst addressing the growing population and property price issues.
For any and all of your questions about YO! Home, stop by our FAQ. If your query isn’t there already, we’ll get back to you as soon as we can. Keep following The Minimalist for property news and insights, as well as updates on the launch of YO! Home.