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Location still key for homebuyers

Location still key for homebuyers

Category: Mortgages

Updated: 05/06/2015
First Published: 05/06/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

It may be a cliché, but 'location, location, location' really does matter when it comes to buying a new home, despite the changes that have impacted the market in recent years.

According to research from Clydesdale and Yorkshire Banks, the economic downturn hasn't changed the importance placed on living in the right area, with this still being the biggest consideration for 59% of homeowners.

However, there are still variations depending on current location. Those in Scotland are the most focused on buying in the right area, with this being the key factor for 64% of those surveyed, compared with just 50% in Wales.

What else matters?

Affordability was more important than location for 25% of respondents, but again, it can vary dramatically: 33% of those surveyed in Wales saw affordability as more important, compared with 17% of Scottish respondents, 16% of Londoners and 15% of those in the South West.

Being close to family is still a key consideration for many, and in fact, it's deemed as more important than being close to work in every area across the UK. The only exception to this was those surveyed in London, where the pressures of commuting meant proximity to the workplace was a primary focus.

Steve Fletcher, director of Retail Banking, commented: "Everyone is looking for something different from their dream home, however our research has shown that for the majority of homeowners the location of the property is something they are not willing to compromise on."

Get the right deal wherever you are

No matter where your ideal location may be, there's one more thing that should never be compromised on – the mortgage. Getting the right deal is essential, and if you've got low monthly repayments, you can enjoy the area you live in even more. Check out our picks of the top mortgages available and keep your repayments under control wherever you are.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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