Renovating older properties 'is preferable'

Renovating an older property is preferable to buying a new build due to simple and practical reasons, according to experts from the British Property Federation.

Ian Fletcher, the federation's director, says that people are turning to older properties because they like their internal features such as practical elements like cupboards and parking spaces.

They also tend to have larger gardens and many people enjoy their interior or period design which add character and individuality to homes.

"There's also the advantage of location. Older property often has some of the best slots in towns or villages or wherever it is. The area is established and has local communities to go with that," said Mr Fletcher.

He explained that a property survey conducted by Savills two years ago showed that people look for practical things like space for junk, rather than aesthetics, when buying a property.

According to Land Registry figures, the average price of older flats has rocketed by 59 per cent over the last five years, while the average price of new-build flats rose by just a quarter of that, by 15 per cent.


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