Shortening the commute and having access to sports facilities, green space, bars and restaurants is increasingly important for homebuyers, while being close to family doesn’t even make the top 10 priorities, new study shows.
Britain is increasingly becoming a “recreation nation”, says Santander Mortgages, as a new research of the lender found that having easier access to sports and leisure facilities trumps actual perks of the property itself.
Cutting the daily commute is the most important factor for homebuyers, with 33 per cent of Brits looking to buy a home citing closeness to work as essential and 28 per cent naming proximity to public transport as a key factor, more than any other categories.
House hunters are increasingly looking to maximise their free time by buying properties near leisure facilities, with increases in the number of those naming proximity to bars and restaurants since the research was last conducted in 2011 (8 per cent, up from 6 per cent in 2011) and proximity to sports facilities (5 per cent, up from 2 per cent). Nearby access to green space remains key, cited by 17 per cent of respondents.
In contrast, features inside the home are becoming less important to prospective homebuyers, with decreases in those valuing more space (27 per cent, down from 29 per cent); having a garage or parking (15 per cent, down from 18 per cent); a south-facing garden (12 per cent, down from 18 per cent); and a private outdoor area (11 per cent, down from 14 per cent).
Those seeking to buy are also shunning their nearest and dearest in favour of increasing the quantity and quality of their leisure time, with closeness to family and friends both seeing decreases in the percentage of home buyers who see them as essential.
While moving into an area with strong broadband signal has increased in importance over the past four years, it is still only an essential factor 10 per cent of home movers.
Miguel Sard, Managing Director of Mortgages, Santander UK said:
“Homebuyers are increasingly sacrificing space for location. Some of these sought-after features come with a big price tag, so it is important that they seek advice from experts to better understand what they can and can’t afford. We have a wide variety of mortgage products available to suit every customer’s needs– whether a first-time buyer, a home mover or if you’re simply looking to find a better mortgage deal. Looking around for the right product can make a big financial difference.”
