Brits to pay premium for beach front properties
Brits like to buy property by the seaside and are willing to pay an extra £20,000 to live near a beach, new research shows.
And it is those aged 35 to 54 who are most willing to pay more for a piece of real estate that they believe is in the perfect location, the research from the Post Office shows.
However, a location close to family is the most important single factor when it comes to buying the perfect home as it is the priority for almost a quarter, 24%, of buyers who are willing to pay on average an extra £13,005 for a property close to loved ones.
Having green space was the second most popular factor and those seeking such a location are willing to pay an extra £16,340 for it while a low crime rate is the third most important issue with buyers willing to pay £16,672 more for such a location.
In fourth place is a location with a good community feel which people are willing to pay an extra £17,517 for and fifth is good transport links which could end up costing an extra £11,184, the research also shows.
In six place buyers want to be near friends and are willing to pay an extra £18,310 for the privilege, while being near a beach is the seventh most popular location. Being near a good school is eighth and buyers will pay £18,003 to do so and being near work is the ninth most popular reason for which people will pay an extra £8,269.
Location is more important for men than women, with men prepared to pay on average an extra £15,860 for a home in their perfect location, compared to £13,605 for women.
People between the ages of 35 and 54 are on average prepared to pay almost double (£17,505) what 18 to 34 year olds are willing to invest (£9,874) on top of the property price for that perfect location.
When it comes to the actual property itself, outside space is the most important feature with a quarter of buyers prepared to pay on average an extra £10,043 to secure a garden or roof terrace. Also, despite the popularity of DIY and home renovations, nowadays it seems people don’t want the hassle and 20% are prepared to pay an extra £11,931 to move into a house which requires no home improvements.
‘Our new Homebuyers Report shows that when it comes to location homeowners are certainly prepared to shell out for an ocean view. The right location is particularly important to over 35s looking to put down long term roots and bring up families, whereas younger buyers appear more willing to compromise on the location or features of the property in their desire to get on the ladder,’ said Marco Hughes, Post Office director of personal lending.
‘One way homebuyers can free up money to help them afford their dream location is to cut costs elsewhere during the home buying process. For example Post Office Mortgages offers a range of competitive and easy to understand mortgage products with low arrangement fees. These are designed to suit everyone, so whether your deposit is 65% or 90%, you won’t pay over the odds,’ he added.