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.
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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%.
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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
0161 767 4354 / 07770 441 828