Location still important for home hunters

Location. Location. Location. No, not the show that sees Phil Spencer concluding deals over a pint, but the number one requirement for British homebuyers, according to a new survey.

Research from Santander Mortgages found that a quick commute to work, access to sporting facilities and proximity to bars and restaurants are important considerations. What’s more, the survey found that some homeowners pay premiums to live in their preferred location, with some paying £7,000 to move to a safer neighbourhood and £5,900 to live with pleasant neighbours.[1]

Comforts

The survey revealed that 33% of would-be homeowners look to purchase property close to work, with 28% revealing that they would like a home near to public transport routes.[1]

Since the last similar survey from the group was conducted in 2011, house hunters have looked to buy property nearer to leisure facilities. Those searching for a house near to bars and restaurants rose from 6% to 8%. In addition, people wishing for a home near to sporting facilities increased from 2% to 5%.[1]

On the other hand, the report shows that amenities inside the home are becoming less important to would-be purchasers. Those who cited a garage or parking space as important fell from 18% to 15%, a south facing garden 18% to 12% and a secluded outdoor from area 14% to 11%.[1]

Location still important for home hunters

Precious time

Figures from the report suggest that more people are looking to increase the amount of leisure time that they have at their disposal. ‘We are becoming a recreation nation as we look to minimise the amount of time we spend travelling to and from work,’ commented Miguel Sard, managing director of mortgages from Santander UK. He feels that Brits are looking to, ‘maximise the time we can spend enjoying ourselves playing sports, enjoying green spaces and socialising in bars and restaurants.’[1]

[1] http://www.propertywire.com/news/europe/uk-home-buyers-survey-2015062210653.html