The benefits to buying a classic terraced Edwardian home will never be lost on London homebuyers. However, new-build homes are gaining traction in buyers' imaginations for the benefits they provide to modern living, especially in the busy Capital.
New build homes are made for you:
Worried about the energy crisis? New-builds lead the way in energy efficiency.
No time for DIY? New builds are move-in ready; no painting or renovating required.
New to homeownership? It's all new, even the appliances, so maintenance is minimal.
Your life, right now, is probably fairly different than the lives of the people who designed and built the gorgeous Georgian, Victorian and Edwardian homes lining London's residential streets.
Savvy architects and interior designers have done some extraordinary things to renovate period homes for modern use. However, there's more room for our structural engineers, our architects, our interior designers and property developers to flex their skill on a brand-new project.
That is the simple, powerful benefit in a new-build home - it's designed entirely around the way we live in London today.
First home made easy
For everyone with an ambition to get on the property ladder in London, we recommend you browse our available new homes on the market. Besides the easy maintenance and lower energy bills (we'll get to those) there are some government schemes first-time buyers can take advantage of with new-build properties:
The First Homes Scheme enables you to buy a new-build home (or a home that was previously purchased through this scheme) for 30-50% less than the property’s market value.
Eligibility: to use this scheme in London, you need to have a combined household income of less than £90,000. The local council might have some limits on maximum house price. When you eventually go to sell, it'll also need to be at the same percentage discount and through the same scheme.
With the Deposit Unlock scheme, you can purchase a new-build property with just a 5% deposit (Typical deposits are required at around 15%.)
Eligibility: Deposit unlock is only available on certain new build homes, so get in touch with our new homes team if you want assistance finding the right property.
With shared ownership, you can partially buy a property and rent the remainder of its property value. This can bring some higher-value new homes into your price range.
Eligibility: total household income also must be below £90,000 in London to participate in shared ownership, and you’ll have to be approved by the housing association.
This final scheme isn't exclusive to new build homes, but it is another way the government is helping first-time buyers.
Previously, first-time buyers would pay 0% tax duty on property values up to £300,000. With this holiday in place, first-time buyers pay 0% on up to £425,000.
As well, you can claim savings on properties up to £625,000 (which was £500,000 previously).
Read all about it in What the stamp duty tax cut means for you.
Here's another great resource for first-time buyers: First-time home buyer guide: how to get on the London property ladder.
Future powered
New homes are making waves in energy efficiency. In Foxtons annual London Report, we found:
"Close to nine in ten new build apartments in London met the highest Energy Performance Certificate (EPC) ratings of 'A' and 'B' in 2022, in contrast to the resale market where over 80% were rated 'C' or 'D'."
With rising energy prices, government plans to reach net zero and our growing awareness of climate change, more buyers are interested in energy efficiency than ever before.
Read all about it in our article, Could energy efficiency sway buyers towards new-build homes?
Pictured: Hareward Meadows - currently under construction, the homes in this idyllic countryside community will be centred around a wildflower meadow and have a predicted EPC rating of A.
State-of-the-art
When it comes to a new-build home, engineers, builders and decorators are able to use best practices hones through decades of urban building innovation - better window installation, better heating, better plumbing, better equipped for modern tech.
Everything inside the home is also brand new. No need to wonder if the previous homeowner has been diligent at bleeding the radiators, no quirks to heating the oven, no fridge/freezer with cracked drawers. You’ve got new warranties to ensure a drama-free transition into homeownership.
Pictured: Coda, Battersea - this impressive building, conveniently located in Clapham Junction, is equipped with premium amenities like a state-of-the-art gym, serene private gardens and a private club lounge. Last 7 apartments remaining!
Modern priorities
From The London Report: 31% of the new homes we sold had outside space in 2017. By 2022, that had grown to 72.9%.
Life is sweeter with amenities at home. The average day in London is incredibly busy, and a gym and workspace and cafe in the building you call home means you can spend less time commuting and more time on all the things you hoped to get to each day.
One important benefit is the lovely, landscaped gardens we see all around new-build developments, which are professionally designed and maintained so they're always ready for their residents' use. According to our London Report, the desire for outdoor space is now a prerequisite for new build buyers.
Pictured: Grand Union - community is at the heart of this design, with a buzzing canal-side plaza, a new community centre and a residents' lounge and bowling alley.
Move-in ready
Say your company is moving you to London for work, or you're forging out on your own or you're looking for your perfect London crash pad or holiday home, you might not want to show up to four empty walls and a mile-long shopping list. Many new homes have the option to buy professionally furnished and move-in ready.
Pictured: Clarendon - this City Village in Harringay features move-in ready apartments above retail and community amenities like a gym, pool and landscaped gardens.
We'd be delighted to show you around; either register with My Foxtons or take a look at our new build properties on the market.
