Location, price and garden are the top three reasons homeowners fall in love with their home
More Brits make an offer on their home simply because they fall in love with it than anything else, according to a survey by My Home Move, the UK’s leading provider of mover conveyancing services.
Over half (56%) of homeowners surveyed made an offer on their current or previous home because they fell in love with it, rising to 59% among women and remaining above half (51%) for men.
The secret to falling in love with a property – location matters most
Location (58%) is the top characteristic that makes Brits fall in love with their home, listed as the number one reason among all regions and both genders. In a sign that money matters are close to Brits’ hearts, the price of a property was ranked as the second most important feature leading buyers to fall in love with a property, cited by 37% of respondents. This was followed closely by a love for their garden (29%), a quintessentially British attribute.
Transport, greenery and local amenities make top three location priorities
When choosing the location of their property, home movers’ favour good transport links as the most important factor , shared by two in five (40%). This is followed by having a nearby green area (35%) and being in close proximity to shops, cafes and restaurants (32%).
Women are also more likely to base their decision on being close to family (32%) than men (26%), yet both genders list being close to friends as the least important factor, shared by only 9%.
For those in their 20s, having a nearby school and being in an up and coming area ranked in joint second place, with 34% saying these factors were important. This suggests that the younger age group are planning ahead, as well as looking to settle in an area that has investment potential as it shifts from being on the cusp of gentrification, to a sought after location.
Location is also the most important factor in putting people off a property
Perhaps homeowners’ great love for the location of their home suggests why 43% also cited location as the biggest ‘turn off,’ causing buyers to reject a property. This was seen as more important than a property being too expensive which drove 40% away, followed by the inside appearance of the property (34%).
Younger homeowners – aged between 21 and 30 – were less put off by the location, with only 37% citing this. However this age group tends to be more limited on choice due to job location and affordability issues than older Brits.
Doug Crawford, CEO of My Home Move, comments:
“Britain’s love affair with property is built on location. For most people, location is the secret ingredient that makes them fall in or out of love with their home. Brits also love a bargain, which explains why cost was the second most important factor in making someone fall in love with their home. 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.
“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 on property.”