Country air proves biggest draw for homebuyers

Location is king in the housing market and, as estate agents and property programmes alike will tell you, where your property is situated can have as significant a bearing on its value as factors such as size, age and style.

New research from Halifax Estate Agents has revealed that in monetary terms, around one in three buyers would pay up to £10,000 more for a property in a location they desired. And it seems a breath of country air is by far the biggest draw for prospective property owners.

The Halifax Estate Agents survey results suggest that a quarter of us are hankering after a taste of the country life, with proximity to the countryside considered the most important location feature for 26% of respondents.

Having good transport links nearby was the top location priority for a further 18% of those surveyed. This was closely followed by proximity to work and being located near to a good school with 14% choosing each of these options as their primary consideration.

Significantly, the research also indicated that a high percentage of homebuyers would be prepared to pay a premium to secure a property in their perfect location. Just under a third (31%) would pay up to £10,000 more, whilst 12% would up their offer by between £10,000 and £25,000.

Colin Kemp, Managing Director for Halifax Estate Agents, comments: "It is interesting that being able to escape to the country is the most highly prized geographical factor for house-hunters. According to our research it ranks higher than some of the considerations which are traditionally thought to impact significantly on property prices such as local schools and distance to work.

"Although other factors such as budget, property specification and availability play an important part in the decision to purchase a property, most people begin their search for a home by looking at geographic location first. The fact that so many house-hunters would be prepared to pay more for a property in their ideal location demonstrates how important this is in the home-buying process."

The Halifax research also revealed that age plays a significant role in the location stakes. Proximity to a good school is the most prized location factor for both the 25-34 and 35-44 age groups whilst for the 18-24 group good transportation links come out on top.

Within the UK there are also regional and national differences in the relative importance of location factors. For instance, in London only 9% of buyers consider proximity to countryside the most important, with good transportation links instead taking precedence (28%). Yet in the Anglia region 40% of respondents put countryside access as their number one priority.