How much will a new luxury house cost?
The actual cost of your new home will depend on several factors, including the size, complexity, structural requirements, finish, quality, site access and significantly, where your home is located.
Based on information taken directly from our live projects and competitive tender returns, we recommend that for a new build within London and the southeast, you allow between £3,250 and £3,750 per square metre. Although not as expensive as retrospectively creating a basement, constructing a basement as part of a new build is still more expensive than building above ground for several factors, not least the structural logistics and the removal of excavated materials from the site. We would suggest allowing around £4,000 – £5,500 per square metre.
It is important to note that these square metre rates are simply a guide for build costs only, excluding VAT & professional fees. They are used at the early feasibility and concept stages of your architectural journey, to provide an indication of costs and inform budget management. As the project develops a cost professional (Quantity Surveyor) can use more precise methods of measurement to estimate the construction costs, factoring in any unique considerations of your project.
If you are considering extending your home, please refer to our post “How much will an extension cost?”
Regarding professional fees, for a new build property, you will need a larger consultant team to prepare all the necessary designs that enable a contractor to deliver your dream home. As opposed to an existing home extension, where generally in part, existing systems are extended such as drainage, plumbing and electrics, new builds require all of this coordinated from scratch. To be clear, this is an exciting time, as it provides an opportunity to create a home that works specifically for you in every way. From space planning rooms that fit your family’s needs to the overall design style, custom features, and lighting to technical performance with significant thermal efficiency and green energy considerations. All these elements need to be designed, calculated and coordinated to ensure you are protected and are getting the house you; both want and can afford.
At RHJB we use our experience to guide you along your journey to achieving the luxury home you seek. With our utmost endeavours to achieve the best solution with cost transparency at all stages.
In an ever-changing landscape of costs, which has seen increases in the last year for various reasons, RHJB are keen to keep you updated. It is our intention to update these costings with both live data and information from cost professionals as and when we see significant changes in the market.