RSS Feed

Related Articles

Related Categories

43 million Brits would go over budget for the right home

30th August 2016 Print

Almost 78% of UK adults, 43 million, are willing to go over budget to find a home which meets all their priorities, according to research conducted on behalf of Ocean Finance.

31 million UK adults (62%) would pay up to 10% more to get all of their preferred attributes in a home. This could add an additional £28k onto the purchase price of a property or an extra £76 per month, £912 annually, for tenants.

Only 1 in 4 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 £56k onto the original purchase budget or £156 per month, £1,872 annually, onto rental payments.

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.”