With the UK election done and dusted, many within the property sector are predicting a bounce in the market. 1000’s of sellers chose to hold off listing their properties with even more waiting before purchasing. New research commissioned by Market Financial Solutions has revealed what’s vital for UK homebuyers when considering which property to purchase.
The survey of more than 1,000 homeowners found:
- The size of the property is the main consideration among homebuyers (90% said this was “important” or “very important” to them when they bought their most recent residential property)
- Outdoor space (89%), the property’s finish (88%), its distance to the nearest town (87%) and the availability of a garage or off-street parking (86%) completed the top five.
- Conversely, the culture of the local community (67%), the potential to extend the property (71%) and the age of the property (74%) are the least important factors.
The size of a property is the single most important consideration among UK homebuyers, while community and culture rank as the least significant, according to new research by Market Financial Solutions (MFS).
The bridging lender commissioned a survey of more than 1,000 UK homeowners to discover what factors matter the most to them when hunting for a new home. And this is the homebuyer wish list:
- Square footage of the property (90% said this was “important” or “very important” to them when they bought their most recent residential property)
- Garden and/or outdoor space (89%)
- The quality and finish of the property (88%)
- Distance to nearest city or town (87%)
- Garage or off-street parking (86%)
- How built-up the local area is (83%)
- Transport links (83%)
- Broadband and mobile connectivity (82%)
- Whether it was a detached, semi-detached or terraced property (81%)
- Local shops, cafés, bars and restaurants (81%)
- The proximity of public spaces and parks (79%)
- Proximity to good schools (77%)
- Age of the property (74%)
- Potential for extensions and conversions (71%)
- Culture of the community and proximity of cultural sites (67%)
- The size of the property, the inclusion of outdoor space and its overall quality of finish emerged as the three most important factors.
Elsewhere, broadband and mobile connectivity were deemed marginally more important than local amenities and the proximity of parks or good schools among the UK’s house hunters.
MFS’ research also found that the potential to extend a property and the culture of the local community were deemed the least important factors when people were looking for a new home.
Paresh Raja, CEO of MFS, commented: “The research delivers many interesting findings. The old adage that property investment is all about ‘location, location, location’ still holds true, but this extends beyond local amenities or schools. Homebuyers are prioritising size and infrastructure; and crucially, this does not just include transport links but also digital connectivity.
“Moreover, it’s surprising that the potential to extend a property is so low down on the list of priorities for house hunters. Extensions and conversions are effective ways to bolster the value of a property – and with square footage the most important factor for UK homebuyers, it’s vital they remember that they can always increase the size of a house or flat through outward or upward extensions.”
Market Financial Solutions is a London-based bridging lending company offering fast lending solutions for borrowers and investors.
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