It's no secret that housing in London is very, very expensive, but the latest idea to hit the housing market is seeking to solve that. US developer Greystar has teamed up with interior designer and TV presenter Naomi Cleaver in a bid to provide city-centre accommodation, but with shared facilities - very much like in conventional student accommodation blocks.
Greystar have experience of all main housing sectors so they'll be well placed to make such a move. Across their student, private rental and retirement portfolios, they operate around 400,000 properties, mostly in the US and Canada.
For their move to the UK, they've teamed up with Naomi Cleaver, who is a veteran of numerous student accommodation projects and designed the iQ Shoreditch block in London. She says that a student accommodation style building for professionals would help provide affordable city centre accommodation for those unable to buy their own property.
Whilst Greystar is looking to deliver on this new type of accommdoation first, there are numerous other developers looking to bring similar projects to fruition.
Cleaver explained the attraction of the investment as follows, "The people providing this accommodation are big investors who have seen the great benefits of investing in student accommodation but feel that market is going to become saturated quite soon, and feel [student-style accommodation] is going to be the next market."
Student accommodation investment has boomed this year and this looks like it might be the next logical extension of a market that many believe may soon become oversaturated.