Renting in London; new build vs old
London’s skyline is forever changing, and anyone living and working in the capital will have noticed new buildings emerging throughout the city....
From the suburbs through to the centre of town developers are using every square foot available to produce new homes. A proportion of purchasers in these new projects will be doing so as an investment, and so the brand newly completed apartments come to agents like myself to rent.
In comparison to the market average rental prices in new developments can be slightly higher however you will often find tenants feel they are getting their monies worth for several reasons. New buildings are often designed with the highest quality sound and heating insulation. From personal experience of touring these developments whilst construction is ongoing, the noise from the outside world is often unnoticeable, even with heavy machinery operating. This insulation also means heating bills are negligible in comparison to older properties, saving money all year round. There is also the added benefit that the furniture chosen by the landlord will often match the opulence of the new surroundings, in the hope of securing the highest calibre tenant possible for the units’ first tenancy.
The most noticeable difference has to be the facilities. From a 24 hour concierge service to the gym and spa facilities offered to residents (and even a 20m lit swimming pool in the case of the newly completed South Bank Tower), new build living strongly appeals to those career driven young professionals for whom added convenience in their rare moments of leisure time is a must. There are also often unmatched views of London from the elevated floor levels, and of course the bragging rights of living in the newest building in town.
Although we are not quite at the American model yet, where apartment blocks are designed to offer every service imaginable to ensure you never have to leave, London’s new builds are leading the rental market in terms of cost, but also in terms of luxury and facilities available to residents.
CBRE are involved in these schemes from the very first stage of conception, from land sales to development consultancy to sales through to lettings. If you have any questions about renting in London, or would simply like to see what we have to offer currently, please do give us a call on +44 (0)20 7182 2477.