Posts with tag: homebuyers research

Location is Most Important Factor for Buyers

Published On: June 4, 2015 at 5:22 pm

Author:

Categories: Landlord News

Tags: ,,,

Location is still the most important factor when buying a new home, revealed recent research from Clydesdale and Yorkshire Bank.

Despite the economic downturn having a huge effect on the housing market, living in the right place is still vital for 59% of homeowners in the UK, according to the Annual Homebuyers Research.

Of all regions, those in Scotland are the most concerned about buying in the right location, with this being the most important to around two thirds (64%), compared to just 50% of buyers in Wales.

Location is Most Important Factor for Buyers

Location is Most Important Factor for Buyers

Regional breakdown of buyers who consider location the most important factor when buying a home:

Region

Buyers that think location is key

Scotland 64%
East of England 63%
London 61%
South West 61%
Yorkshire 59%
South East 58%
Midlands 57%
North East 56%
North West 54%
Wales 50%
UK average 59%

For around a quarter of buyers (24%), affordability is the most important factor when purchasing a property. This is the case for 33% of buyers in Wales, compared to 17% in Scotland, 16% in London and 15% in the South West.

Being close to family and having the support of a family network is more important than being close to work in every part of the UK, except London. Commuting is a necessity to Londoners and finding a home near work is a focus.

Director of Retail Banking at Clydesdale and Yorkshire Bank, Steve Fletcher, says: “Everyone is looking for something different from their dream home, however, our research has shown that for the majority of homeowners, the location of the property is something they are not willing to compromise on.

“We know that moving home can be a stressful time, so we have a range of mortgages to suit different needs and budgets to help make the process as easy as possible.”1 

1 http://www.propertyreporter.co.uk/property/is-location-location-location-still-importatnt.html?utm_source=Sign-Up.to&utm_medium=email&utm_campaign=21136-108559-Campaign+-+04%2F06%2F2015#.VXBgFg_–pQ.twitter