10 INDUSTRY NEWS Size matters, concludes property survey
The size of a property is the single most important consideration among UK house buyers, while community and culture ranks as the least significant, according to new research by Market Financial Solutions (MFS). The survey of more than 1,000 UK homeowners was intended to discover what factors matter the most to them when hunting for a new home. A property’s square footage was revealed to be the most important consid- eration, with 90 per cent saying this was “important” or “very important” to them. Outdoor space (89 per cent), the property’s finish (88 per cent), its distance to the nearest town (87 per cent), and the availability of a garage or off-street parking (86 per cent) completed the top five.
Conversely, the culture of the local community (67 per cent), the potential to extend the property (71 per cent), and the age of the property (74 per cent), were seen to be the least important factors. Elsewhere, broadband and mobile connectivity was deemed marginally more important than local amenities and the proximity of parks or good schools among the UK’s house hunters. Paresh Raja, CEO of MFS, commented: “The old adage that property investment
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is all about ‘location, location, location’ still holds true, but this extends beyond local amenities or schools. Homebuyers are prioritising size and infrastructure; and crucially, this does not just include transport links but also digital connectivity. “Moreover, it’s surprising that the potential to extend a property is so low
down on the list of priorities for house hunters.” He added: “Extensions and conversions are effective ways to bolster the value of a property – and with square footage the most important factor for UK homebuyers, it’s vital they remember that they can always increase the size of a house or flat through outward or upward extensions.”
HOUSE BUYERS’ PRIORITIES (ACCORDING TO MFS SURVEY):
• Square footage (90 per cent said this was “important” or “very important” to them when they bought their most recent residential property)
• Garden and/or outdoor space (89 per cent) • Quality and finish (88 per cent) • Distance to nearest city or town (87 per cent) • Garage or off-street parking (86 per cent) • How built-up the local area is (83 per cent) • Transport links (83 per cent) • Broadband and mobile connectivity (82 per cent) • Whether it was a detached, semi-detached or terraced property (81 per cent) • Local shops, cafés, bars and restaurants (81 per cent) • Proximity of public spaces and parks (79 per cent) • Proximity to good schools (77 per cent) • Age of the property (74 per cent) • Potential for extensions and conversions (71 per cent) • Culture of the community and proximity of cultural sites (67 per cent) (Size of property, inclusion of outdoor space and overall quality of finish were the three most important factors accorded to respondent)
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