Location, location, location is the key to a new home

Property pricesThe familiar phrase ‘location, location, location’ still holds true when buying a new home according to research released by Clydesdale and Yorkshire Banks yesterday (Thursday 4 June).

Whilst the economic downturn has had a major impact on the housing market, it hasn’t changed the importance placed on living in the right area for 59% of homeowners in the UK according to the annual Homebuyers Research.

Scots are the most focused on buying in the right area, with this being the key factor for almost two thirds (64%) compared to just 50% in Wales.

Regional Breakdown of % who consider location the key factor when buying a home:

Region % For whom location is a key factor
Scotland 64%
East 63%
London 61%
South West 61%
UK Average 59%
Yorkshire 59%
South East 58%
Midlands 57%
North East 56%
North West 54%
Wales 50%



However for almost a quarter (24%), affordability was more important than the location of the home and this was the case for 33% of those surveyed in Wales, in comparison to 17% of Scots, 16% of Londoners and 15% of those in the South West.

Being close to family was also a key consideration when looking to move home and having the support of the family network was deemed more important than being close to work in every area across the UK with the exception of London. The pressures of commuting resulted in Londoners being the most focused in finding a property in close proximity to their workplace.

Steve Fletcher, Director, Retail Banking, said: “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.

Is location a key factor for you when considering a home move? If so try out the new Propertywide Travel Time tool today. The Travel Time feature works with any type of destination, so whether it’s cutting your commute to work, a child’s school, a relative’s house or a hospital, it allows you to pinpoint properties located within a designated commute radius.

 

Source: MoneyExpert

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Posted by: Leanne Halsey Categories: Buying Property, Latest News, Property Market, Property News Tags: , , , , Comments Off on Location, location, location is the key to a new home

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