Just what is the average UK homebuyer really like? According to research from estate agency Tepilo, the average UK homebuyer in 2015 has a budget of £205,221, has owned two properties in their lifetime and is most likely to buy a three-bedroom semi-detached property in the suburbs with their partner or spouse – do you match up?
Perhaps not, as the survey also revealed that 18% of respondents choose to buy alone, while those aged 18-24 often opt to buy their first home with friends rather than a partner (17%). There are clear geographical differences, too, with those from Wales most likely to buy alone (35%), followed by those in the South East (28%) and Yorkshire (27%). Conversely, those least likely to purchase solo are from the North East (3%) and London (12%).
No matter how you choose to buy, just what are the most important features of a property? Perhaps unsurprisingly, the location is the most important consideration, with 65% of buyers surveyed stating this as a key concern.
This has to be combined with good transport links (56%), being close to shops and supermarkets (44%) and having a low crime rate (39%). That's before we even get to the importance of having a good local pub (23%) and having family and friends nearby (36%), so clearly, when it comes to location, there's a lot to think about!
Other factors that can fuel a property purchase are the number of bedrooms (56%) and size of the garden (41%), while the layout of a property (34%), kitchen-diners (29%) and a downstairs toilet (19%) can also tempt potential buyers to take a second look. Three-bed properties are the preferred choice for many (45%), with two-bed residences also proving popular among respondents (27%). A further 18% opted for a four-bedroom home, while less than 5% bought studio or one-bed properties.
Interestingly, it seems that the desire to use property as an investment is as strong as ever, with 32% of those surveyed having bought a property for this reason. Almost half (45%) of respondents bought the home for their children to live in while at university, but others are using it for their own means, with 24% of those who invested in property doing so as an alternative to a pension.
Sarah Beeny, owner of Tepilo, commented: "We're a nation that's obsessed with property ownership, so it's interesting to see how buyers are behaving and to discover the differences across the UK and amongst different age groups. It's also interesting to see that Brits' love of investing in property is still going strong, a trend I expect will continue as people increasingly look for alternatives to traditional pensions."
Whether or not you match up to the stats of the average UK homebuyer, there's one thing that's true of just about all property searchers – the need to find the right mortgage! Even though rates are beginning to edge up they're still at impressively low levels, so check out our best buys and see if you can secure low repayments for longer.
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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