Co-op Insurance reveals the top home buying influencers

25 November 2016

With the home buying season just around the corner, new research from Co-op Insurance reveals the fixation on ‘location, location, location’ no longer holds true, with six out of ten (65%) Brits citing the number of bedrooms a property has, as the real deal breaker.

Price was the primary factor to influence buying decisions for seven out of ten Brits (70%), whilst the area is only third on the list for nearly two-thirds of people. 

Top 10 key home buying influencers

1 The price 70%
2 Number of bedrooms 65%
3 The area the house is in  65%
4 The size of the garden 48%
5 Off road parking 43%
6 Access to shops 37%
7 Access to transport links 33%
8 Access to amenities (Banks/Doctors) 27%
9 Storage space in the house 25%
10 Access to good schools 24%


Homes that can just be moved into are more appealing for house buyers (23%) nowadays than those with investment potential (10%), perhaps as a result of the volatility in house prices nowadays making a ‘home for life’ more appealing than a ‘home for now’.

Homes with green spaces nearby (35%), access to transport links (25%), good amenities (30%) and good schools (24%) means your house is likely to be a quick seller when it’s put onto the market, with these being the top things homebuyers looked for aside from the house itself when purchasing their homes.

If you have a good relationship with your neighbours, alerting them when you have potential viewings, may be a good idea as 19% of people have considered how nice neighbours seem before making an offer on a property. For over two thirds (67%) of people having a good sense of community spirit is key to the happiness of an area.

Two thirds (67%) of homeowners are keen to stay in their current area for years to come, with more than nine in ten (93.4%) people living in Wales saying they were happy where they were living, followed by people from the South West (92.86%) and those who reside in Yorkshire (92.82%). The national average is 89.1%.
 

Top places people are happiest to live in the UK 

1 Wales 93.40%
2 South West 92.86%
3 Yorkshire & the Humber  92.82%
4 West Midlands 91.60%
5 South East 91.21%
6 Scotland 88.75%
7 London 88.73%
8 East Midlands 87.58%
9 North East 86.73%
10 North West 86.15%
11 East Anglia 83.23%
12 Northern Ireland 82.1%

 

Caroline Hunter, Head of Home Insurance at Co-op Insurance, said:

“The research shows that people are increasingly looking for their forever home, therefore regularly undertaking routine maintenance on your home will keep it in good working order.  In addition, taking out buildings and contents insurance protects your property and belongings against theft, fire and floods.”

Co-op Insurance asked the people of the UK why they love where they live, as part of a social media campaign called #lovethisplace, the results are clear, it’s all about good neighbours. Watch the video here at https://www.youtube.com/watch?v=EHBsQSgEP9M @coopukinsurance

 

Note to editors

Research carried out by Atomik Research with 2,008 people questioned during November 2016

For more information please contact:

Sarah Dawson

Press Officer

Sarah.dawson2@co-operative.coop

07702506126

Jenna Moss

Press and Media Relations Manager

Jenna.moss@co-operative.coop

0161 767 4354 / 07770 441 828