We look into the habits of the British homebuyer
It’s widely acknowledged that British people have a unique relationship with property. Our desire for our own patch of land is deep-rooted in the national consciousness, unparalleled across the globe. We seem to obsess over all things property-related much more than some of our neighbours on the Continent.
To this end, we decided to try and get into the mind of the modern day British day buyer, to find out what motivates and guides them when it comes to buying property in 2015.
We recently carried out a survey of 2,000 homebuyers, otherwise known as the British Buyer Barometer, to understand the thoughts and feelings of those who have either bought in the past 12 months, are in the process of buying or are planning to purchase within the next year. The results certainly make for interesting reading...
For instance, the average buyer in the UK currently has a budget of £205,221. They have also owned two properties in their lifetime and are most likely to purchase a three-bedroom semi in the suburbs with their partner or spouse.
When selling your property it is important to know what the average buyers is looking for and what is most important to them when searching for their next home. Here's what we found...
Of the most important things buyers look for when purchasing a home, location tops the list, with 65% of those surveyed outlining this as their most important consideration.
This, perhaps unsurprisingly, is closely followed by number of bedrooms (56%) and the size of the garden (41%). As we’ve blogged about previously, shining a really positive light on your garden can drastically improve your sales pitch!
In addition, buyers place a keen focus on the layout of a property (34%), the inclusion of a kitchen-diner (29%) and the convenience of a toilet downstairs (19%).
When it comes to location, good transport links are seen as the most crucial factor. As many people don’t work and live in the same place, the cost, length and ease of commuting becomes a very important consideration. People want to live somewhere that provides the means with which to get to work as well as all their social activities and leisure pursuits.
Good local amenities – i.e. local shops and supermarkets – are another key consideration, as is low crime rates. We also love a good watering hole in Britain, so it’s no surprise that a quality local pub is a major selling point for nearly a quarter of people (23%).
Predictably, having friends and family in close proximity is important to 36% of people, a figure that rockets up to 65% for those in the North East.
As for the size of properties, 45% of buyers opt for three-bed homes, while 27% plump for two-bed abodes. Meanwhile, 18% choose a four-bed property, and less than 5% purchase studios or one-bed houses.
Thanks to the burgeoning strength of the private rented sector (PRS) and the boom in buy-to-lets, it’s hardly shocking that our research found that British people aren’t frightened of investing in property – quite the opposite! Nearly a third of the population has purchased property as an investment. This leaps to 41% among those aged 35-44, an age group with more disposable income and arguably a greater desire to build property portfolios.
As our very own Sarah Beeny puts it, “we’re a nation that’s obsessed with property ownership”. With this in mind, the research has offered a fascinating insight into the behaviours of British buyers and how this varies by region and age.
In addition, the British love of property shows no signs of abating. Investment is going up, something that is expected to further increase as people start to seek alternatives to traditional pensions. With the new pension freedoms introduced in April, retirees are increasingly seeing buy-to-let properties as a possible way of funding a comfortable retirement.
Here is the full report – if you're thinking of selling your property, this really is key reading!
For more information about selling your home with Sarah Beeny’s Tepilo, please contact us on: 0844 3878377. We will do all we can to get your property sold, including making sure a dedicated sales manager is with you from the moment you upload your property right through to completion.
To find out how much your home could be worth in the current marketplace, check out our free instant online valuation tool.