Sadiq Khan’s plans to build 80,000 homes each year has put pressure on developers to build homes quickly, but this could spell the end of valuable historic regeneration programmes.

Scott Marshall, Director at specialist bridging lender Roma Finance, warned that converting old buildings is often seen as an expensive and difficult process for developers.

“For a listed building there can be a lot of time spent getting every detail of the work needed through local planning, and there's often strict monitoring of the progress,” he explained.

“With many historic buildings you're never quite sure what construction issues you might find once a project starts, and even with extensive structural surveys old buildings can always throw up surprises that usually cost money and take time.”

Despite these drawbacks, Scott also highlighted the benefits of repurposing historic buildings.

"Historic landmark building renovation can act as a catalyst to revitalise urban areas, give a strong sense of community and make the most of local resources.

“They can also provide useful employment for skilled and specialist construction workers.”

Rosie Fraser, Operations Director at The Prince’s Regeneration Trust, echoed Scott’s sentiments.

“Saving and reusing [historic buildings] can be so powerful for renewing a sense of pride and possibility and can be a catalyst for a wider economic regeneration.”

An example of such projects can be seen in the regeneration of Murrays’ Mills, part of Manchester’s former cotton industry.

With the buildings’ outer shells regenerated over 10 years ago, work began in early May 2016 to transform the site into 124 one-, two- and three-bedroom homes.

Developer GRAHAM Construction intends to preserve many of the mills’ 19^th-century features, such as converting a canal basin into a landscaped courtyard.

Rosie Ryder, Media Manager at Historic England, praised such projects.

“The aim of constructive conservation is to achieve a balance which ensures that the special qualities of a building are reinforced rather than diminished by change, whilst achieving a solution which is architecturally and commercially deliverable,” she explained.

However, the future of historic regeneration could be at risk after high demand has made new build applications easier than ever.

Scott said: "For new builds we've seen an easing of the approval for planning requirements, even if getting the approval from the local planning office can be frustrating.”

“Starting with a new site to build a development from scratch often means the project can be managed in line with the business plan.”

Keith Aldridge, Managing Director at Amicus Property Finance noted that the relaxation of permitted development rights had also contributed towards this trend away from regeneration.

Amicus recently aided in the competition of Miller Heights, a 123-home regeneration development in Maidstone, Kent.

Keith highlighted the importance of projects such as Miller Heights, citing a lack of space for new builds.

He said: “The government needs more developers and more lenders to commit to their housing programme, and with the lack of building land in the UK, if the programme is to get anywhere near its targets, and that is unlikely, the regeneration of units like Miller Heights has to be a priority.”

Meanwhile, Christopher Costelloe, Director of preservation group the Victorian Society, complained that new builds had little aesthetic or cultural value.

“It can be hard to tell what country some modern developments are in – let alone which region.”

Christopher added that the rarity of some historic buildings sometimes justifies the extra costs, as people will pay more for high-quality building materials or interesting features.

Conservationists also praise the environmental benefits of regeneration over new builds.

Rosie Fraser said: “Renewing [heritage sites] saves thousands of tons of carbon and is a far more sustainable option to tearing down a building and constructing something new.”