A recent survey reveals homeowners prioritise location over price.
- 79% of homeowners rank location as their top priority when choosing a home.
- Price sensitivity is highest among renters due to rising rental costs.
- Young adults aged 18-24 show greatest concern for affordability in housing.
- Consideration of location’s impact on insurance costs is advised for buyers.
A comprehensive study by Go.Compare Home Insurance highlights a significant trend among homeowners, with the majority indicating that location is of paramount importance when purchasing a home. A striking 79% of participants within this group placed location at the forefront of their decision-making process, overshadowing price concerns which, traditionally, have been a leading factor.
Renters, however, appear to be more price-sensitive, largely due to the 26% increase in average rental prices over the last five years. In light of these escalating costs, it is unsurprising that many renters view affordability as their primary concern when considering housing options, especially with the average property price standing at £292,924.
Age demographics also play a critical role in influencing housing priorities. The data confirms that younger individuals, particularly those between 18 to 24 years old, prioritise cost more heavily, with 83% of respondents in this age bracket naming it as their chief worry. Meanwhile, those aged 25 to 34 are more inclined towards considering location as vital, with 76% indicating this preference, while only 63% of the younger cohort share this view.
Nathan Blackler, an expert from Go.Compare, provides insight into these differing priorities. He states, “Homeowners need to think long-term and consider how location might affect their living situation in the future, including potential resale value or insurance expenses.” He contrasts this with renters, who face ever-rising rental fees and are often primarily occupied with finding accommodation that meets their immediate financial constraints.
Blackler further advises both homeowners and renters to thoroughly evaluate how different locations might impact their insurance premiums. He suggests that this is a crucial element not only for home insurance but also for other types such as car insurance, emphasising the importance of thorough research in ensuring the most favourable deals are obtained.
Understanding these preferences is essential for anyone navigating the complex housing market.
