How important is location to renters?

Mon 08 Jun 2015

The phrase 'location, location, location' has become somewhat synonymous with moving house in recent years - so much so that it is even the title of a television series about looking for a new home. But just how important is location to renters in reality '

Research carried out by Clydesdale and Yorkshire Banks reveals that people looking for new properties do indeed view the area a home is based in as highly important, with an average of 59 per cent of tenants and homeowners throughout the UK admitting that they start their search with a location, before looking at the options available to them within it.

The alternative would be to search for their dream home and be willing to move to it regardless of the area it is based in, but the bank's Homebuyers Research report reveals that this is rarely the route that house hunters favour.

Regional variations can be seen within the data, with Scots most likely to view location as important, as 64 per cent of movers in the country stated this. This fell slightly to 63 per cent among tenants and homeowners in the east of England, while 61 per cent of Londoners and those in the south-west held a property's location in high regard.

The UK average stood at 59 per cent, which is also the proportion of house hunters in Yorkshire that viewed location as a potential home's most important factor.

In the south-east, 58 per cent thought the area a property was located in was essential, while 57 per cent of those in the Midlands thought the same, along with 56 per cent of renters and buyers in the north-east.

At the bottom of the table were the north-west and Wales, where 51 per cent and 50 per cent of property hunters felt that a home's location was the most important respectively.

Other factors cited as important by those looking for a new home included being near to family, which was voted as more essential than being in close proximity to work everywhere in the UK except for the capital. This is likely to be because a significant number of people move near to London for work as they need to commute.

However, 24 per cent of those questioned said they were more concerned with the cost of a property's rent or mortgage than the area in which it was situated. For tenants and homeowners in Wales, this figure rose to 33 per cent, but decreased in other regions, with 17 per cent of those in Scotland, 16 per cent of those in London and 15 per cent of south-west based property hunters feeling that affordability was a potential new home's most important factor.

Director of retail banking at Clydesdale and Yorkshire Banks Steve Fletcher commented: "Everyone is looking for something different from their dream home. However, our research has shown that for the majority of homeowners, the location of the property is something they are not willing to compromise on."