This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New research has underlined the importance of location (location, location) to would-be homebuyers.
An investigation conducted by My Home Move shows that over half of UK people make an offer on a home as they are smitten by its location. The property’s price and size of garden made up the top three features likely to sway potential buyers.
Homely
My Home Move’s report shows that 58% of respondents cited location as the top feature for making an offer. 37% said it was down to price and 29% said it was the garden.
Just 9% said that moving closer to friends was their main consideration when making a bid for a new home.
In terms of location, 40% said living near transport links was important, while 35% wanted a green area nearby. 32% said they wanted a property near to cafes, shops, bars and restaurants.
Characteristics
Women were found to be most likely to base their decision on being close to family, with 32% stating this was the case, in comparison to 26% of men.
Those in their 20’s said having a school in close proximity, and being in an up and coming area were important, both accounting for 34% of replies. This would suggest that the younger age group are looking to plan ahead.
However, location was also found to be the factor that puts most people off purchasing a home. 43% said a property in a poor location would put them off, with 40% deterred by price and 34% by the appearance of a property.
Homebuyers between the ages of 21-30 were less likely to be put off by location, with 37% citing that it would stop them from buying.
Location still important to homebuyers
Key Ingredient
‘For most people, location is the secret ingredient that makes them fall in or out of love with their home,’ observed Doug Crawford, chief executive officer of My Home Move. ‘People also love a bargain, which explains why cost was the second most important factor in making someone fall in love with their home.’[1]
‘As house prices continue to climb and many first time buyers struggle to take their first step onto the property ladder, younger buyers are more willing to scout out up and coming areas to try and find a bargain to fall in love with,’ he continued.[1]
Concluding, Mr Crawford said, ‘unfortunately, not all of those buying a home have the flexibility to pick and choose their ideal location or perfect interiors, especially as demand continues to outstrip supply, Compromise may have to become the buzz word of 2016, as there is little to suggest the situation is likely to ease any time soon as more and more homeowners chase after one propert
[1] http://www.propertywire.com/news/europe/uk-home-buying-location-2016020211512.html
