Location most important for majority of homebuyers

Buying in the right area is the thing that leads many aspiring homeowners when they decide on a prospective purchase, research released today by Clydesdale and Yorkshire Banks shows. 

Buyers in Scotland are most concerned about location with almost two-thirds (64 per cent) saying this is of key importance. This compares to an UK average of 59 per cent.

At the other end of the spectrum, the lowest percentage of buyers making a choice based on location is in Wales, where just half of people said area is the most important for making a final decision.

Affordability was named as more important than the area they were buying by almost a quarter (24 per cent) of those polled. Homebuyers in Wales are most concerned about affordability with a third (33 per cent) saying so. For comparison, 17 per cent of Scots, 16 per cent of Londoners and 15 per cent of those in the South West worry about affordability.

Being close to family was also a key consideration when looking to move home and having the support of the family network was deemed more important than being close to work in every area across the UK with the exception of London.  The pressures of commuting resulted in Londoners being the most focused in finding a property in close proximity to their workplace.

Steve Fletcher, director of retail banking at Clydesdale and Yorkshire, said:

“Everyone is looking for something different from their dream home, however our research has shown that for the majority of homeowners the location of the property is something they are not willing to compromise on.

“We know that moving home can be a stressful time so we have a range of mortgages to suit differing needs and budgets to help make the process as easy as possible.”