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New is the new old

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Thu 19 Sep 2019

New is the new old

Traditionally, period London property has consistently outperformed new build in terms of desirability and price, but, says Sara Ransom of Stacks Property Search, “We’re beginning to see the tide turn, with a whole range of buyers preferring new to old.

“The ‘jewel in the crown’ of new developments, for example, the penthouse apartment, would attract a premium, sustained even at resale, but for most newbuilds in London, capital growth could rarely compete with that achieved by period properties.

“But as developers become more inventive, regulations become stricter and developments improve, more buyers are opting for new build. Instead of featureless blocks, developers are designing blocks with inventive layouts, higher specs, excellent soundproofing, on-site facilities such as shops, concierge, creche, cinemas and communal space.

“Millennials, brought up in draughty period country homes, and environmentally aware, want properties that can demonstrate good EPC ratings and electric car charging points.

“American buyers had traditionally insisted on new build, but are now championing the old – but not the draughty, leaky version of old! Projects that leave the period façade in place, replacing the rest with ‘brand new’ are top of the list for USA buyers.

“Examples include The Phillimores in Kensington (pictured) and the Lancasters overlooking Hyde Park, both offering a fusion of traditional architecture with brand new design and construction. Any number of stunning original warehouse developments surrounding Tower Bridge have been rebuilt from the outside in.”