69% of homebuyers would compromise on their property
New research from UK Property Development reveals that 69% of recent UK homebuyers would be willing to compromise on the property itself to live in a better location, while 65% say they would pay more for a home if the location was right.
The findings, from a survey of 1,016 recent UK homebuyers*, highlight the importance of the wider neighbourhood when people are choosing where to live, suggesting that new-build developers need to take great care when deciding where to locate new developments, focusing on connectivity, amenities, and the quality of the surrounding environment.
Safety, transport and green space top the list
The survey reveals that 90% of buyers consider location and local area as vital ingredients to the perfect home.
Feeling safe and living in an area with low crime is most commonly cited as the priority consideration for buyers when assessing a local area, cited by 18% of survey respondents.
Good transport links and access to parks and green spaces follow, both cited by 14% of recent buyers, while good local shops and supermarkets are important to 12%. A further 11% prioritise attractive local streets and the surrounding environment.
Buyers are prepared to compromise on the property itself
The importance of location is further demonstrated by the compromises buyers are prepared to make to secure the right area.
Overall, 69% of recent buyers would be willing to compromise on the property itself in order to live in a better location or lifestyle area.
The most common compromise would be the internal specification and finish of the property, with 22% of buyers willing to sacrifice this in favour of location. A further 20% would give up green space, while 16% would consider buying a smaller property if it meant living in an area they preferred.
Buyers willing to pay a neighbourhood premium
Location is also influencing what buyers are prepared to pay. Almost two-thirds of recent buyers, 65%, say they would pay more for a property if the location was right.
Of these buyers, 36% would pay up to 5% more for the right location, while 18% would pay up to 10% more. A further 11% of buyers would be prepared to pay a premium of more than 10%.
This puts the focus firmly on the relationship between the home and its surroundings, particularly for new-build developments where the location can form a key part of the overall proposition.
Andy Morrison, Director of UK Property Development, commented:
“For years, the conversation around buying a new home has understandably focused on the property itself, from the number of bedrooms and the size of the garden to the kitchen and overall specification.
But these findings show that buyers are making a much bigger decision. They aren’t just buying four walls, they’re choosing where they want to live their lives.
What’s particularly interesting is the extent to which people are prepared to compromise on the property to get the location right. For developers, that makes the choice of location incredibly important.
At St James View, we wanted to offer buyers the best of both worlds. Goffs Oak provides the village environment, community and connectivity that people are looking for, but buyers don’t have to trade down on the quality of their home to get it.
The message for buyers is simple: location matters, but finding the right development means you shouldn’t necessarily have to compromise to get the lifestyle you want.”
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