4th June 2015
The old adage of ‘location, location, location’ very much still rings true for Britons looking to buy a new home according to research released by Clydesdale and Yorkshire Banks today.
Whilst the economic downturn has had a major impact on the housing market, it has not changed the importance placed on living in the right area for 59% of homeowners in the UK according to the analysis.
It found that Scots are the most focused on buying in the right area, with this being the key factor for almost two thirds, at 64%, compared to just 50% in Wales.
Regional Breakdown of % who consider location the key factor when buying a home:
|Region||% for whom location is a key factor|
However for almost a quarter, at 24%, affordability was more important than the location of the home and this was the case for 33% of those surveyed in Wales, in comparison to 17% of Scots, 16% of Londoners and 15% of those in the South West.
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, retail banking, 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.”