Almost seven in 10 recent homebuyers say they would compromise on the property itself to secure a home in their preferred location, new research reveals.
A survey of 1,016 recent UK buyers by UK Property Development finds 69% would accept some form of compromise on their home in return for a better location or lifestyle.
Location can also command a substantial premium, with 65% saying they would be prepared to pay more for a property if it was in the right area.
The findings underline the importance for agents and developers of selling the wider neighbourhood alongside the property itself, with 90% of respondents considering location and the local area important to finding their ideal home.
BUYER PRIORITIES
Safety is the most commonly cited consideration when assessing an area, with 18% prioritising low crime levels.
Transport links and access to parks and green spaces are each selected by 14%, while 12% prioritise good local shops and supermarkets.
Another 11% identify attractive streets and the wider surrounding environment as particularly important.
Buyers also appear prepared to sacrifice elements traditionally used to sell a property in order to secure their preferred location.
Some 22% would compromise on internal specification and finish, 20% would sacrifice green space and 16% would consider buying a smaller home.
LOCATION PREMIUM
More than a third of respondents – 36% – say they would pay up to 5% more to secure the right location.
Another 18% would stretch to a premium of up to 10%, while 11% say they would be willing to pay more than 10% extra.
Andy Morrison, Director of UK Property Development, says: “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.”
SELLING THE AREA
The findings suggest neighbourhood features could play an important role in how agents market homes, particularly where properties benefit from transport connections, green space, shops or other local amenities.
However, the research measures buyers’ stated willingness to compromise or pay a premium rather than the prices or purchasing decisions they ultimately made.
Morrison adds: “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.”
