SOLD SOLD
SOLD
SOLD
SOLD
PREMIUM
NEW BUILD
COST BENEFIT
New build homes are more energy
efficient and cheaper to run.
Foxtons, based on
new build sales
72.9%
38.1%
2022
2017
DESIRE FOR
OUTSIDE
SPACE
NOW A PREREQUISITE
EPC rating
A C E
B D F G
2 IN 5NEW BUILD BUYERS
DIDN'T
REGISTER
WITH A
NEW BUILD
TEAM
Foxtons
Lifestyle shift
Energy efficiency and low maintenance
are key attractions of new build
properties. 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 running costs high on the agenda
of buyers, renters and landlords alike,
analysis shows the average cost per
square foot of running a new build EPC
rated 'B' apartment is less than half that
of a resale apartment rated 'D'. The
government's recent Net Zero Review has
recommended all homes sold should have
an EPC of 'C' by 2033. In 2022, just 40%
of properties sold in London met this target.
New build properties have long attracted a price premium and across all
London zones the current premium is higher than five years ago. Today,
premium new build developments offer more than just a physical home.
Increasingly they include facilities and amenities aimed to develop a sense
of community, wellbeing and environmental consciousness, all sought
after by buyers and renters.
Dataloft, DLUH, based on EPCs undertaken across all London Boroughs 2022, running costs include heating,
hot water and lighting, not additional energy costs (i.e. oven, fridge, TV)
73P £1.05P
40P
RESALE 'C' RESALE 'D'
NEW BUILD 'B'
AVERAGE
RUNNING
COSTS
PER SQ FT
Dataloft, DLUHC, based on EPCs across
all London Boroughs 2022
NEW BUILD RESALE
86.7% 54.7% 27.0%
12.1% 5.6%
0.5%0.2%
0.2%
10.2%
1.9%
1.0% The London Report 2023 | Premium new build 12