Home Residential PropertyNew builds worth more than period properties

New builds worth more than period properties

by Sponsored 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.

โ€œNew builds are outperforming old properties for several reasons,โ€ Jennet Siebrits, Head of Residential Research, CBRE.

โ€œFor 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.โ€

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 & Chelseaย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ2,301,666 ยฃ1,025,075 ยฃ1,276,591 55.46%
2) City of Westminsterย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ1,755,516 ยฃ897,985 ยฃ857,531 48.85%
3) City of Londonย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ845,187 ยฃ466,176 ยฃ379,011 44.84%
4) Hammersmith & Fulhamย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ771,173 ยฃ436,901 ยฃ334,272 43.35%
5) Camdenย ย ย ย  ยฃ993,944 ยฃ566,733 ยฃ427,211 42.98%
6) Hounslowย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ424,555 ยฃ245,110 ยฃ179,445 42.27%
7) Southwarkย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ578,827 ยฃ349,206 ยฃ229,621 39.67%
8) Hillingdonย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย ย  ยฃ242,420 ยฃ178,816 ยฃ63,604 26.24%
9) Barking & Dagenham ยฃ158,820 ยฃ122,824 ยฃ35,996 22.66%
10) Kingston Upon Thames ยฃ339,583 ยฃ264,795 ยฃ74,788 22.02%

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