In the ever-evolving property market, what buyers want most—and least—has seen a fascinating shift.
According to new research from Market Financial Solutions (MFS), transport links have soared in importance, while the square footage of a property has taken a backseat.
MFS surveyed 412 UK adults who recently bought or are currently buying a home, repeating a similar survey from 2021. The findings reveal that broadband and mobile connectivity are now top priorities, with 82% of homebuyers deeming them ‘important’ or ‘very important’. This has dethroned gardens and outdoor spaces, which now hold a 76% importance rating.
Public spaces and parks (74%) and the quality and finish of the property (74%) also rank high on the list. But the real star of the show is transport links, which have jumped from 14th place in 2021 to a strong sixth in 2024. Clearly, as remote work becomes less common, well-connected areas are back in demand.
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On the flip side, the potential for extensions and conversions has plummeted in importance, falling from eighth to 14th place. Similarly, the square footage of a property has dropped from second place in 2021 to seventh this year. These changes indicate a shift from the Covid-era ‘race for space’ to a new focus on convenience and connectivity.
Paresh Raja, CEO of Market Financial Solutions, commented: “Homebuyers’ priorities changed radically during the pandemic. But the speculation was whether those changes were temporary or permanent – and our research shows there have indeed been some interesting shifts back to pre-Covid times.”
Raja also noted that the increased importance of transport links highlights changing work patterns, while the decreased emphasis on square footage suggests a move towards convenience over expansion.
As the government accelerates its plans for building new homes and towns, it will be intriguing to see how these trends evolve. For lenders and brokers, the takeaway is clear: the specialist lending sector must continue to adapt its products and services to meet the ever-changing needs of homebuyers.
Stay tuned for more insights and keep your finger on the pulse of the property market!
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