A recent study highlights the importance of location over price for homeowners when choosing properties.
- Location is reported as a top priority for 79% of homeowners according to a Go.Compare survey.
- Price remains the primary concern for renters amidst rising living costs and rental rates.
- Young adults tend to focus more on affordability, while middle-aged groups consider location more significant.
- Expert advice suggests balancing location preferences with insurance cost considerations.
In a study conducted by Go.Compare Home Insurance, it has been revealed that the majority of homeowners place greater importance on the location of a property than its cost. Specifically, 79% of homeowners surveyed identified location as their top priority when selecting a home, overshadowing the traditional focus on price.
Conversely, renters appear more price-sensitive, likely due to the substantial increase in rental prices over the past five years, which have surged by 26%. With the average property now costing £292,924, renters are faced with significant financial considerations, making price the primary factor for many.
The survey further dissects the age-related preferences, showing that 83% of young adults aged 18 to 24 list price as their main concern. This contrasts with older generations, where only 71% of those over 55 years of age share this sentiment. Interestingly, individuals aged 25 to 34 tend to align more closely with homeowners, with 76% considering location of utmost importance compared to 63% of their younger counterparts.
Nathan Blackler, a home insurance expert at Go.Compare, offers insight, stating, ‘It’s fascinating to see the different priorities of homeowners and renters. Homeowners have to think long-term, considering how their location will affect their personal lives, as well as potential resale value or insurance costs.’ His observations underscore the thought process behind choosing a home location which encompasses more than just immediate financial considerations.
He also warns against neglecting insurance implications when prioritising the location. Blackler emphasises the need for prospective homeowners to be aware of how different areas might influence their insurance premiums, advising them to integrate insurance costs heavily into their decision-making process. “Doing your homework on insurance costs should factor heavily into your decision-making process when selecting a home,” he advises.
The study reflects a dynamic shift in priorities, with location becoming a pivotal factor for homeowners, while financial concerns dominate renters’ decisions.
