Taylor Scott International News
The old cliché location, location, location when it comes to buying a home is still relevant with new research showing it is the top reason for buyers making up their mind. More than half, 56% of British people make an offer on a home because they fall in love with it with location, price and garden the top three reasons for doing so. Being close to friends is the least important factor when choosing the location of a property with only 9% of buyers saying so, according to the research from conveyancing services firm My Home Move. Some 58% cited location as the top characteristic that made them fall in love with their home, 37% said it was price and 29% said it was the garden. When it comes to that all important location some 40% said transport links were important, 35% said a green area nearby and 32% said being near to shops, cafes and restaurants. Women are more likely to base their decision on being close to family at 32% compared to 26% of men 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 with 43% said a bad location would mean not buying a property. Some 40% would be put off a home that as too expensive and 34% by the appearance of the property. Younger home owners 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. ‘For most people, location is the secret ingredient that makes them fall in or out of love with their home. People also love a bargain, which explains why cost was the second most important factor in making someone fall in love with their home,’ said Doug Crawford, chief executive officer of My Home Move. ‘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,’ he explained. ‘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… Taylor Scott International
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