While many buyers will want to get a good deal, some are willing to forgo a cheap property in favour of a good location, according to new research.
Sellers may be able to get more for their property, although the same trend does not apply to renting. A stark divide has emerged between homeowners and renters when it comes to choosing their ideal home, with location and affordability driving their decisions in opposite directions.
New research by Go.Compare Home Insurance revealed 79 per cent of married couples consider location their top priority when selecting a property. In contrast, renters are primarily focused on what they can afford, with 71 per cent citing affordability as their main consideration.
The findings highlight how the financial pressures of the current housing market are creating distinctly different priorities between those who own and those who rent their homes.
A good location is the most important selling point for many
PAThe impact of rising rental costs is clearly reflected in renters' priorities, with 69 per cent citing affordability as their primary consideration. Homeowners prioritise location, with more than three-quarters of them considering it as their top concern.
Location comes as a close second for renters, with 66 per cent considering it a crucial factor in their decision-making.
This focus on affordability comes amid a significant surge in rental prices, which have risen by 26 per cent over the past five years.
The current property market, with average house prices at £267,500, further emphasises why affordability remains at the forefront of concerns for those seeking accommodation.
While location is key for married couples, price stands out as the dominant factor across the UK housing market overall, with 74 per cent of all respondents identifying it as the key aspect in their decision-making process. However, this is a close second to price, which 76 per cent of people say is a key priority.
Age plays a significant role in how different groups prioritise their housing choices, with younger residents showing the strongest focus on affordability.
A striking 83 per cent of 18 to 24-year-olds identified price as their top concern, compared to 71 per cent of those aged over 55. The 25 to 34 age group shows distinctly different preferences, with a stronger emphasis on location than their younger counterparts.
Three-quarters (76 per cent) of 25 to 34-year-olds cited location as the most important factor in their decision-making.
This contrasts sharply with 18 to 24-year-olds, where only 63 per cent considered location as their primary concern.
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Different age ranges have different demands
PAInsurance costs are emerging as a significant factor in property decisions, with more than half of house hunters saying it could influence their choice. The survey found that 54 per cent of respondents would consider significant differences in insurance premiums when making their purchase decision.
Home insurance expert at Go.Compare Nathan Blackler said: "It's fascinating to see the different priorities of homeowners and renters.
"Homeowners have to think long-term, considering how their location will affect their personal lives, as well as potential resale value or insurance costs. So, it makes sense that location would be a big consideration for them.
"For those who prioritise location, it's essential to understand how different areas can impact your insurance premiums not just for home insurance, but car insurance too."
