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Newsletter

Homebuyers 'will pay more to live close to family'

By Jonathan Dawes, Wed 1 Sep 2010 - Published in Mortgages

New research has shown how much more homebuyers are willing to pay to live in their perfect location.

A poll by Post Office Mortgages found that being close to family is the most important consideration when looking for a new home and people will pay £13,005 more on average to achieve this.

The survey also showed that homebuyers will pay an extra £16,340 to live in a green space, £16,672 more if there is a low crime rate and an additional £17,517 for a good community feel in the area.

Other important features of a perfect home were found to be good transport links, close proximity to a beach and being sited near a school with a favourable reputation.

Post Office director of personal lending Marco Hughes added: "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."

Last week, Halifax commercial director for mortgages Stephen Noakes claimed that market conditions are improving for the country's first-time buyers.