A majority of 
Brits would be prepared to pay over their budget to rent or buy the right property, new research has revealed.
According to Ocean Finance, 78% of UK adults – 43 million – are willing to go over budget to find a home which meets all their priorities.
It found that 31 million of UK adults (62%) would pay up to 10% more to get all of their preferred attributes in a home – adding £28,000 onto the purchase price of a property or an extra £912 annually for tenants.
Only one in four would not go over budget at all and 2% of people would be willing to go more than 20% over budget – adding a minimum of £56,000 onto the original purchase budget, or £1,872 annually onto rental payments.
Percentage of people willing to pay over their budget
| Percentage willing to pay over budget to get all main priorities | % of those willing |
| Willing to go 1% – 5% over budget | 34% |
| Willing to go 6% – 10% over budget | 28% |
| Willing to go 11% – 15% over budget | 7% |
| Willing to go 16% – 20% over budget | 4% |
| Willing to go 21% – 25% over budget | 1% |
| Willing to go more than 25% over budget | 1% |
Scotland (79%), Northern Ireland (79%) and London (77%) are the locations where people are more willing to extend their property budget. Those under 34 are also more willing to stretch their resources for a more expensive property, as 80% of young people would increase their budget for the right home.
Ian Williams, Ocean’s spokesperson, said: “Whether we are renting or buying a property most of us have a budget that we can afford in mind. But three quarters of us are happy to ignore the budget and stretch our finances to get the home that ticks all our boxes.”
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