MSMR Architects has input into Knight Frank findings
Space, layout and architecture are increasingly important for purchasers as it’s no longer just about the location according to Knight Frank’s latest London Development Design Study.
The report looked at how design and specification can influence the desirability of schemes and development costs and was compiled by Knight Frank working together with cost consultants Core Five and MSMR Architects.
The authors of the report told London developers to get the simple things right first – space, layout, architecture and views. Specification was an important factor in purchasing decisions for 88% of respondents and 64% said they were willing to pay more for a higher spec finish.
Optimising internal space was flagged as ‘critical’ in making the space more useable and saleable without necessarily adding cost. Ceiling height was flagged with 90% of respondents saying it was important with 40% saying it was ‘very important’.
For 63% broadband was the most used technology, and 43% said super-fast broadband was the most important technology for them.
In terms of amenities 46% of respondents who purchased a building with services confirmed they appreciated having access. The majority of respondents were unwilling to go without 24-hour concierge and underground car parking.
However, amenities don’t trump space as 69% said they would opt for a larger apartment in a building with a concierge only, over a smaller apartment in a building with extensive amenities.