Buyer Preferences Uncovered: Desired Property Features and One Feature That Turns Them Off
UK Home Buyers Prioritise Convenience and Affordability in Housing Market
In the UK housing market, home buyers are focusing on more than just property quality and finish. A recent survey reveals several key priorities that are shaping the current market.
Key Priorities
- Regional Affordability and Growth The UK housing market is showing regional divergence, with areas like the North East, Yorkshire, and Wales experiencing higher growth rates compared to London, which faces challenges with affordability and stagnant prices. First-time buyers are particularly drawn to regions with lower base prices and strong employment.
- Mortgage Affordability and Rate Expectations The Bank of England's interest rate decisions significantly impact mortgage affordability. Potential rate cuts are aimed at easing costs for first-time buyers. Longer-term mortgages and low-deposit options are becoming more popular to help buyers alleviate financial burdens.
- Convenience and Certainty Amid economic uncertainty and higher borrowing costs, buyers are prioritising convenience and certainty. This means they prefer homes that are ready to move into, avoiding renovation projects that can introduce unpredictability in costs and timelines.
- Strategic Investment Opportunities Investors are increasingly interested in mortgage-backed securities (MBS) as a diversified investment option, particularly in prime regional markets offering attractive yields.
- Supply and Choice The market currently offers more choice for buyers, which can create a competitive landscape for sellers, making realistic pricing crucial for attracting buyers. Despite a slump in overall buyer searches, mid-range homes remain in demand, indicating a strong segment of the market.
Additional Priorities
- Broadband and mobile connectivity is 'very important' or 'somewhat important' to 77% of those surveyed.
- A garden or outdoor space is important to 77% of people.
- Garage and off-street parking was in spot five, with 72% of those surveyed saying it was important.
- The potential for extensions and conversions was mentioned, but only 56% of people find it important.
- Transport links such as access to major train lines and motorways remained in sixth place this year, with 71% of homebuyers saying it was a very important or somewhat important quality.
- Square footage of the property plunged three spots to tenth place.
Proximity to green spaces was not mentioned in the current paragraph, but proximity to a city or town jumped six places to spot four on the list of homebuyers' priorities. The top concern for home buyers is the quality and finish of the property, with four in five house hunters now prioritising ready-to-go properties over renovation projects. High borrowing costs have caused house seekers to favour stability in their expenditure, leading them to prioritise convenience and certainty.
- In addition to affordability and regional growth, home buyers in the UK also prioritize broadband and mobile connectivity, with 77% of those surveyed finding it very important or somewhat important.
- When considering a property, many home buyers in the UK value having a garden or outdoor space, as 77% of those surveyed find it important.
- A possible factor influencing lifestyle choices, garage and off-street parking ranks fifth in importance for home buyers in the UK, with 72% stating it is important.
