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New builds worth more than period properties

by Deleted Subscriber Content
24th Aug 12 12:05 pm

Period properties have slipped down the value scale according to a new survey. The research by CBRE has found that new build flats in London are worth approximately 30% more than older ones.

The gap is most pronounced in Kensington & Chelsea where new builds were sold for 55% more than older flats.

“New builds are outperforming old properties for several reasons,” Jennet Siebrits, Head of Residential Research, CBRE.

“For the buyer, new builds come with the reassurance of the NHBC 10 year guarantee. For the seller, particularly in prime boroughs where land values are high, properties need to look and feel contemporary in order to secure the best prices.”

London boroughs showing largest new build premium on flats sold in 2012 Q2

London Borough Average new build price Average second hand price Price difference New build premium/discount
1) Kensington & Chelsea                £2,301,666 £1,025,075 £1,276,591 55.46%
2) City of Westminster                   £1,755,516 £897,985 £857,531 48.85%
3) City of London                        £845,187 £466,176 £379,011 44.84%
4) Hammersmith & Fulham               £771,173 £436,901 £334,272 43.35%
5) Camden     £993,944 £566,733 £427,211 42.98%
6) Hounslow                              £424,555 £245,110 £179,445 42.27%
7) Southwark                             £578,827 £349,206 £229,621 39.67%
8) Hillingdon                            £242,420 £178,816 £63,604 26.24%
9) Barking & Dagenham £158,820 £122,824 £35,996 22.66%
10) Kingston Upon Thames £339,583 £264,795 £74,788 22.02%

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