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Why New Build Apartments are on the up in the current property climate

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Recent years have shown how important it is to feel comfortable, safe and happy in your home. With the COVID-19 pandemic on the rise the past couple of years, people across the globe have been confined to their homes under strict government restrictions. Because of this, many of us have noticed the faults in our homes and have taken the time to declutter and renovate rooms.

However, we’ve also seen a particular rise in the number of Manchester, London, Liverpool and Edinburgh apartments for rent or to buy.

Despite the fact building sites saw a 42% closure in 2020, the public demands for new build apartments and houses has outweighed the supply. This has only continued as restrictions lifted and construction sites were able to open again.

But why are new build apartments in demand despite the current climate? Let’s investigate.

No renovations are needed

Renting a new build apartment means you’re less likely to need drastic renovations, even the paintwork will be fresh and bright enough for you to move straight in.

You’ll likely only need to add your furniture and own decorations such as artwork and plants to make it feel like home.

Stamp duty

A major factor to take into consideration was the new rules surrounding stamp duty during the 2020/2021 period.

Stamp duty is when you pay land tax for a property over a certain amount. The current threshold for residential properties is £125,000, whilst non-residential properties and land is £150,000. Typically, you could pay anywhere between 2% and 12% land tax depending on the price of your desired property, whether you’re a first time buyer and other additional factors.

Due to the effects of the pandemic, the UK Government decided to cancel stamp duty for properties costing under £500,000. Meaning, if you bought a property for £499,999 or below during this time, you would be exempt from paying land tax.

For this reason, property sales were said to have been at an all time high.

On-site facilities

An attractive factor to living in a new build apartment are the on-site facilities many developments are including within the price.

You may be familiar with on-site gyms, but many developments are now including extras as standard.

For example, on-site coworking spaces can be an advantage to renting. They provide you with a quiet space to work from home, help to reduce commuting costs and allows you to collaborate with coworkers in bookable meeting rooms should you need it.

Coworking spaces allow you to have that separation from your home life to concentrate on work, and are only a short walk from your own front door.

Other facilities can include on-site cinema room, library, lounge areas and roof top decks. The development you choose may even have community courses such as yoga.

No garden maintenance

The benefit of living in an apartment is that the gardens surrounding your property are most likely communal areas. Generally, the landlord will be responsible for the maintenance of any greenery, meaning you don’t have to worry about the upkeep. This is great news for those of you who don’t enjoy gardening, but what about those who enjoy it?

Just because the garden will be taken care of doesn’t mean your apartment can’t have plants and flowers should you wish to keep some sort of garden area. Adding plants to your interior can actually be a benefit to your overall mental health and well-being. And those interested in gardening don’t have to miss out because they live in an apartment.

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