This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Location is still the most important factor when buying a new home, revealed recent research from Clydesdale and Yorkshire Bank.
Despite the economic downturn having a huge effect on the housing market, living in the right place is still vital for 59% of homeowners in the UK, according to the Annual Homebuyers Research.
Of all regions, those in Scotland are the most concerned about buying in the right location, with this being the most important to around two thirds (64%), compared to just 50% of buyers in Wales.
Location is Most Important Factor for Buyers
Regional breakdown of buyers who consider location the most important factor when buying a home:
Buyers that think location is key
East of England
For around a quarter of buyers (24%), affordability is the most important factor when purchasing a property. This is the case for 33% of buyers in Wales, compared to 17% in Scotland, 16% in London and 15% in the South West.
Being close to family and having the support of a family network is more important than being close to work in every part of the UK, except London. Commuting is a necessity to Londoners and finding a home near work is a focus.
Director of Retail Banking at Clydesdale and Yorkshire Bank, Steve Fletcher, says: “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 different needs and budgets to help make the process as easy as possible.”1
Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources.
When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.
Just Landlords is a trading name of Arthur J. Gallagher Insurance Brokers Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: Spectrum Building, 7th Floor, 55 Blythswood Street, Glasgow, G2 7AT. Registered in Scotland. Company Number: SC108909
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