Period vs. new build?

This is a question I get asked a lot. Just like with every choice, there are positives and negative attributes to both. Period properties ooze charm – high ceilings, sash windows, and grand proportions. They also require more maintenance, aren’t as energy efficient and don’t offer as many modern amenities. New builds are super practical – climate control, modern fixtures, and ease of mind. They don’t have as much charm, are harder to find in prime locations, and are more difficult to add value to. What to pick? The short answer is there is no one correct choice for everyone – it truly depends on the buyer’s search criteria. 

Charm  

There is no denying the charm of a period property – it’s one of the main factors that make them so desirable. Period homes provide a certain type of charm that is almost impossible to replicate in a new building. Many also provide a sense of grandeur – high ceilings and larger rooms which elevate the whole space. When buying a property in London, many buyers want to buy to take advantage of the beautiful period buildings that are unique to the city. While many believe that foreign buyers are only after new builds, that isn’t the case. I’ve worked with foreign buyers who are only interested in period buildings as they are after that London charm.  

Convenience

That charm does come at a price. In comparison to new buildings, period properties tend to require much more maintenance. New builds offer much more convenience for those who don’t want to deal with the hassle of having to deal with maintenance issues. While there are international buyers want to be a slice of historic London, many also just want something that they can lock up and leave without worry. It’s also worth noting that many new builds offer amenities that are essential for modern day living. I’ve previously written about the importance of air conditioning in London and most new builds offer some sort of cooling system. With hotter summers, this offers buyers a peace of mind that they will be comfortable. New buildings can offer other amenities as well – parking, concierge, gyms, etc. 

Location  

New buildings are very hard to come by in many of the most desirable areas in London, which is why they can be very expensive in prime areas. London is a historic city with many protected buildings and neighbourhoods, so many desirable neighbourhoods such as Kensington, Chelsea, Notting Hill, and Belgravia have very few new buildings. In these buildings, prices can be easily north of £3,000 per square foot. There are a number of areas are going through major redevelopment where there is an abundance of new buildings, such as Nine Elms (an area in South London facing the River Thames). However, it’s worth noting that there is an oversupply of new buildings in areas like this, so using an experienced buying agent is key in order to source the right unit. 

In summary, there is no right answer – it really depends on your requirements! 

Property of the moment 

Marylebone

From £995,000 – £4,750,000 

A boutique development has recently launched in Marylebone with only 8 apartments which currently can’t be found on any of the search portals. The development is within walking distance to all the best restaurants and shops of Marylebone and a 4-minute walk to Baker Street station (Bakerloo, Circle, Hammersmith & City, Jubilee and Metropolitan line services). The development has retained the original façade on the outside, so is the ideal blend between a new build and a period property. 

There are two standout units. The first is a two-bedroom 1st floor flat with a terrace. At 952 square feet, it would make an ideal pied-da-terre or bachelor pad and is priced at £2,150,000. The second is a 3-bedroom duplex penthouse on the 4th and 5th floor which would make a fantastic family home. The property is 1979 square feet and benefits from two balconies as well as a terrace. It is priced at £4,750,000.

As mentioned above, new builds are very hard to come by in prime central London areas, so it is likely that these flats will sell quickly. If you are interested in this development, please get in contact here for more information.