House hunters have revealed they are not willing to compromise on Location.
Rightmove conducted a survey of more than 45,000 people from across the UK and found that 58 per cent of those looking to buy a property are searching, or waiting for a home to be put on the market in their ideal location.
This can be a risky strategy if you need to sell your home in order to buy the next as there is an increased risk you could miss the property if you are unable to sell your own home in time.
Just one in 10 people told Rightmove they would be willing to compromise on their desired location and first-time buyers were the most likely to be willing to compromise on location.
When any house hunter starts their search for their ideal home they usually start off with a very clear idea of what type of property they are looking for. Perhaps they would ideally like a large garden, off road parking or even an en-suite Bathroom. We often find that although buyers have a clear idea on location some of the other parts of their specifications can change the more they view other properties and start to compare their features – an en-suite Bathroom doesn’t always seem so important if the compromise is no garden.There is an element of compromise in any house purchase and things that start off as desirable in a property can fall by the wayside as buyers decide what is absolutely essential in their next home.
Those looking to downsize to a smaller home were least likely to consider settling for a second-choice location with 92 per cent of people planning to downsize saying they would refuse to consider an alternative location.
Miles Shipside, Director of Rightmove, said: ‘There’s a real mismatch between buyers’ no compromise stance on their most favoured place to live and the rising tide of prices. Playing a waiting game and holding out for the right property in the right location could prove risky as, with prices in some locations rising by the month, buyers may discover that the one they’ve been waiting for is over their budget.’
With 9 out of 10 buyers claiming they will not compromise on the location of a property our advice is to make sure you keep an open mind with the property itself, especially as we so often see people purchasing homes with us that are quite different from what they originally set out to buy.
Decor, Kitchens, Bathrooms, Furnishings and Gardens can all be changed so make sure you bear this in mind when you are looking at properties!