Homebuyers pay premium to live near a beach
As home movers across the country start shifting boxes in the build up to 1st September, the most popular day for moving in the UK, the Post Office Mortgages Homebuyers Report has revealed people seeking coastal locations are willing to pay the highest premium to live in their perfect place - on average an extra £20,448.
However, a location close to family is the main attraction when it comes to the perfect home - it is the priority for almost a quarter of homebuyers (24 per cent) who are willing to pay on average an extra £13,005 for a new property which is close to loved ones.
The top attractions when looking to move house and how much extra homebuyers are willing to pay for these:
Ranking – Attraction - Average premium homebuyers will pay to secure this
1 Being near family £13,005
2 Green space £16,340
3 Low crime rate £16,672
4 Good community feel £17,517
5 Good transport links £11,184
6 Near friends £18,310
7 Near a beach £20,448
8 Near a good school £18,003
9 Near the work place £8,269
Location, location, location is more important for men than women, with men prepared to pay on average an extra £15,860 for a home in their perfect location, compared to £13,605 for women.
People between the ages of 35 and 54 are the most likely to pay more for their ideal home location. On average they are prepared to pay almost double (£17,505) what 18-34 year olds are willing to invest (£9,874) on top of the property price.
When it comes to the actual property itself, outside space is the most important feature with a quarter (24 per cent) of homebuyers prepared to pay on average an extra £10,043 to secure a garden or roof terrace. Also, despite the popularity of DIY and home renovations, nowadays it seems people don't want the hassle - a fifth (20 per cent) of homeowners are prepared to pay an extra £11,931 to move into a house which requires no home improvements.
Post Office Director of Personal Lending, Marco Hughes, said: "Our new Homebuyers Report shows that when it comes to location homeowners are certainly prepared to shell out for an ocean view. The right location is particularly important to over 35s looking to put down long term roots and bring up families, whereas younger buyers appear more willing to compromise on the location or features of the property in their desire to get on the ladder.
"One way homebuyers can free up money to help them afford their dream location is to cut costs elsewhere during the home buying process. For example Post Office Mortgages offers a range of competitive and easy to understand mortgage products with low arrangement fees. These are designed to suit everyone, so whether your deposit is 65% or 90%, you won't pay over the odds."
Customers can pick up information about Post Office mortgages and rates online at postoffice.co.uk/mortgages.