INDUSTRY NEWS 11
London developments prioritise specification over location, says study
Demand for residential development in London is no longer driven primarily by location, according to Knight Frank’s latest London Development Design Study. The study suggests that thoughtful
design, efficient layouts and the right mix of amenities, service and specification are now the key drivers for maximising demand and value for developers. Working together with cost consultants
Core Five and MSMR Architects, Knight Frank has analysed how design and specification can influence development costs, as well as the desirability of schemes. Following an exclusive survey of buyers
in prime and super prime new-build developments in London, space, layout, architecture and views were all found to be an increasing focus for purchasers. As the market has become more product-led, developers have focused on improving the quality of their building and the facilities on offer. The survey found that 88 per cent of
respondents said that specification was an important or relevant factor when buying a home, while 64 per cent said they would be willing to pay more for higher quality finishes and better specification. In terms of technology in new homes,
buyers ranked their internet usage, television, heating, cooling and security as more important than built in speakers and tablet integration. More than 43 per cent said super-fast
broadband is the most important technology for them. Broadband is also the most used technology for 63 per cent of
THERE ARE INSTANCES WHERE SPECIFICATION CAN ADD TO THE DESIRABILITY OF A DEVELOPMENT, BUT THIS NEEDS TO BE BALANCED AGAINST THE
ADDITIONAL COST IIan Marris, Knight Frank’s joint head of residential development
respondents, with the least used being built-in surround sound speakers and full home automation systems. Ian Marris, Knight Frank’s joint head of
residential development, commented: “There are instances where specification can add to the desirability of a development, but this needs to be balanced against the additional cost.” He believes that modern buyers are
increasingly looking for “best in class” products, “not a specific area or post code.” “As the market becomes ever more
product-led,” considered Marris, “the importance of getting the units mix, apartment configuration and quality right has never been more relevant.” “The best-performing developments
follow a clear methodology, combining good ceiling heights, quality specification and a considered approach into how individuals use the wider building and its amenities.”
Moda Living calls for housing policy overhaul
Housing policy should be overhauled to cut car parking space and allow more efficiently designed apartment buildings, according to developer Moda Living. In its response to the housing White
Paper consultation, the company said that overly restrictive car parking standards, which require the provision of inappropriate levels of car parking, exceed the requirements of the build to rent market. Renters are increasingly ‘asset-light,’ choosing to use ride share companies or car hire brands. The developer also wants reform of
overly restrictive national residential space standards. This is because such rules fail to recognise the high levels of amenity and shared places offered by premium rental developments.
WWW.HBDONLINE.CO.UK Greater flexibility in the interpretation
and application of these standards should form a key element of emerging Build to Rent policy, said the company. Tony Brooks, managing director of Moda
Living, said: “The reality is that huge investment is going in to considerable shared areas that residents will be free to access. It’s therefore essential these things are considered when planners are totting up the amount of space a resident has access to.” When “Given the choice,” he said,
“between a tiny private balcony you can’t fit a table on to, or having a slice of a much bigger, shared space, it makes sense that we consider how we can offer people a higher standard of living without a ‘computer says no’ approach to space standards.” Overly restrictive community
infrastructure levy (CIL) payment terms on build to rent schemes can also have a direct and detrimental impact on the ability to delivery new homes. Brooks commented: “Where finance is
tied up in income-producing assets, less up-front profit is generated compared with housing built for sale. This means that build to rent therefore needs to be treated differently within the planning system if we want to build more homes, faster.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60
