Mortgage lender Nationwide revealed today that annual house price growth in Britain rose again in September to 3.8% from 3.2% in August.
Meanwhile, one in four Britons is looking to buy a new home in the next five years but, interestingly, being close to family or having more space aren’t the most important factors, says Santander Mortgages.
According to a survey by the group, more and more people are becoming less concerned about the house itself and more about what the property is close to.
The findings show that the average Brit would be willing to pay £6,297 ($US9,966) extra to live closer to work or £6,900 ($US10,920) more to move to a safer neighbourhood.
“We are becoming a recreation nation as we look to minimise the amount of time we spend travelling to and from work, and maximise the time we can spend enjoying ourselves playing sports, enjoying green spaces and socialising in bars and restaurants,” said Miguel Sard, Managing Director of Mortgages, Santander UK.
“Homebuyers are increasingly sacrificing space for location. Some of these sought-after features come with a big price tag, so it is important that they seek advice from experts to better understand what they can and can’t afford.”
14. Space for pets -- around 7% of people are willing to pay the average £7,532 ($11,917) extra for finding a place to accommodate their pets.
13. Being next to bars and restaurants -- around 8% of the survey respondents want to increase the quantity and quality of their leisure time by being next to eateries and drinking holes.
10. A private outdoor area -- around 11% said they would like to have this, even if it means just a balcony or a tiny courtyard.
9. A south facing garden -- while some people are just grateful for some outdoor space, 12% say having a garden that gets all the sun is the most important factor to them.
6. Having a garage or parking -- with some people making thousands of selling parking spaces separately to desperate car owners, around 15% of survey respondents cite parking as their top priority.
5. Nearby access to green space -- if people can't get a garden or their own outdoor area, 17% say living near a park or some greenery is number one on their list.
3. More space -- 27% say they are moving because they need and want more space, although it is still only third in the ranking.
1. Being close to work -- A third of Brits cite this as essential when buying a property and find it more important than being close to family.
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