News & Views Blog

Ed mead of Douglas & Gordon, Chelsea adds:

It used to be that the single biggest variable when valuing a property was its condition. But there is now no difference between un-modernised and modernised property. This does not make sense, but this is not a market that makes sense.

There is a danger that if this pattern starts to alter nationwide, then renovating a wreck would become more tricky - which would come as a blow to most looking to take this popular route to home-ownership. It would also confirm that television property makeover shows have made everyone itch to get in touch with their inner architect.

Estate agents observing the be-your-own-Norman-Foster movement in the capital say that wealthy buyers are increasingly possessed by a creative vision of their own perfect pad. Agents also discern a new desire amongst these buyers to remodel and stay put for at least the next decade, which may be why they are wary of the quality of other people's refurbishment programmes.

Barbara Mansour of Cluttons, Hyde Park reports that one jarring element in a renovated property will lead some buyers to suspect that there are more serious, hidden defects. But this may not necessarily be the reason why one of Ms Mansour's customer was willing to pay more per square foot for an un-modernised house in Connaught Square (site of the Blair family mansion) than for an already renovated property.

Several features apparently bind many of the capital's grandiose refurbishment programmes. Kitchens installed as recently as five years ago can be considered outdated - a view with which it is difficult to have much sympathy, especially as the unwanted units are probably not recycled. The desperation to buy also causes prospective owners to underestimate the cost of work. This is probably the common thread that unites all fixer-upper projects, whatever the value of the home.