New, sparkling apartment blocks are becoming a regular sight across London, whether they’re regenerating historic buildings, filling empty land or giving a new lease of life to existing areas of the city.
It’s often presumed that these shiny new properties are outrageously expensive and will be far out of most Londoners’ budgets.
But recent research from comparison site Compare My Move has found that in several London boroughs, new build homes are actually cheaper on average than existing properties.
In some boroughs, the average price of a new build is a monumental £169,207 cheaper than buying an existing property, and others can see savings of an average of 17.5 per cent.
Here are the top five London boroughs where buying new can save you thousands of pounds.
5. Islington – 8.7 per cent cheaper
In Islington, North London, the average existing property price is £697,733, whereas the average price of a new build is £636,980 – a difference of £60,752 or 8.7 per cent.
Islington boasts a wide range of properties, from ornate period buildings to shiny new apartment blocks, making it an eclectic borough for home-hunters.
The borough claims to be home to 154 parks, as well as a number of world-class theatres, boutique shops, excellent restaurants and great transport links.
It’s very popular with young professionals, but areas in the north of the borough are loved by families too.
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4. Hounslow – 9.5 per cent cheaper
House prices in general in Hounslow are significantly lower than number five on this list, Islington.
Existing properties cost an average of £426,640, while new builds average at £386,096 – £40,544 cheaper.
The West London borough boasts dozens of reasons to live there, including gorgeous Thameside walks, beautiful pubs, stunning historic churches and vast green space.
It’s ideal for those who want to have all the benefits of London, but the peace and quiet of the countryside close at hand.
3. Harrow – 12.1 per cent cheaper
Harrow, in North West London, has a range of family homes and swanky new apartments at reasonable prices considering its 15-minute journey time to Central London.
At an average of £469,407, existing properties in Harrow are reasonable in terms of the London property market. But new builds are an average of £57,023 cheaper, at £412,284.
Harrow is, of course, home to the famous public school of the same name, and it’s also a great option for commuters – it’s just over 15 minutes on the Metropolitan Line from Harrow on the Hill to Baker Street.
It’s full of family homes and good schools, meaning many choose Harrow to put down roots, and the borough has a whole host of great shops, restaurants and parks too.
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2. Kensington and Chelsea – 12.7 per cent cheaper
It’s to be expected that homes in Kensington and Chelsea don’t come cheap – but it might be surprising that new builds in the area are, on average, £169,207 cheaper than existing properties.
The average price of older homes in RBKC is £1,337,012, whereas new builds average at £1,167,805.
Kensington and Chelsea is known for its wealthy residents, opulent properties and high-end shops.
If you can afford to live there you’ll be richly rewarded, with some of the city’s best shopping, dining, entertainment and museums right on your doorstep.
The borough’s dotted with gorgeous garden squares, stunning period properties and a whole host of history to explore – your Instagram account will never look better.
1. Richmond upon Thames – 17.5 per cent cheaper
Coming in at the top spot is Richmond upon Thames, where new build properties are an average of £121,793 cheaper than existing homes – almost 20 per cent less expensive.
The average price of new builds is £572,352, whereas existing properties cost an average of £694,324.
This leafy South West London borough is a nature-lover’s dream, home to the famous Richmond Park, the Royal Botanic Gardens at Kew and Bushy Park.
It has excellent schools and a great community atmosphere which makes it a prime location for families, while smart riverside new build apartments are attracting younger commuters to the area.
Would you buy a new build in any of these areas? Let us know in the comments here.
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