More than two-thirds of people buying a new-build home in London would substitute amenities for more internal space, according to Knight Frank’s London Development Design Study.
Some 69% of respondents to its study of demand for prime London homes said given the choice between a larger apartment in a building with a concierge only, or a smaller apartment in a building with extensive facilities and amenities, they would opt for the former.
Knight Frank’s study, conducted with cost consultant Core Five and MSMR Architects, also said that demand was increasingly being driven by design, layout and specification and the right mix of amenities, rather than just location.
Space, layout, architecture and views were all found to be an increasing focus for purchasers.
In terms of technology, more than 43% said super-fast broadband was the most important technology for them. Broadband was also the most used technology for 63% of 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, said: “There are instances where specification can add to the desirability of a development, but this needs to be balanced against the additional cost.
“Buyers today are increasingly looking for best-in-class product, crucially where they see value, not a specific area or postcode. As the market becomes ever more product-led, the importance of getting the units mix, apartment configuration and quality right has never been more relevant.”
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