The average UK home buyer has a budget of £205,221, has owned two listings in their lifetime and is most likely to buy a three bedroom semi in the suburbs, new research shows.
Most buy with a spouse or partner with just 18% buying alone and of those aged 18 to 24 some 17% buy their first home with friends, according to the study by Sarah Beeny’s estate agency Tepilo.
Who people buy with varies from region to region, with those from Wales most likely to buy alone at 35%, followed by those in the South East at 28% and Yorkshire at 27%. Least likely to purchase solo are those from the North East where only 3%do so and London where it is 12%.
Location of a listing is the most important consideration for buyers with 65% naming it as the top priority followed by 56% stating the number of bedrooms is crucial and 41% the garden. Some 34% believe the layout of the listing is important, 29% having a kitchen dining room and 19% want a downstairs toilet as a priority, the research also found.
When considering the location of a listing, buyer rate good transport links as the most important deciding factor at 56%. Being close to shops and supermarkets is key for 44% and a low crime rate for 39%.
A good local pub is an important factor for 23% with 35% of 18 to 24 year olds rating it as one of the top things they look for when buying a home. Those from the East Midlands are most keen on a local with 33% of them saying a good local pub is essential when buying a listing.
Having family and friends nearby is vital for 36% but this rises to 65% amongst people from the North East and drops to just 22% of those from the South West and 23% in London.
Three bed listings are the most popular with 45% of buyers going for this size of listing while 27% seek a two bedroom home. Indeed a two bedroom listing is the most popular in the North East and Scotland where 48% are after this kind of home. A further 18% opt for a four bed, with less than 5% buying studio and one bedroom listings.
The age of 44 is when most buyers think they have moved to their ideal home that they will spend the rest of their lives in, although 20% don’t think such a thing exists, which rises to 33% of those aged 55 and over.
The research also found that 32% have bought a listing as an investment, rising to 41% amongst those aged 35 to 44. Some 45% of buyers who have invested in listing bought the home for their children to live in whilst at university. In addition, 24% who invested in listing did so as an alternative to a traditional pension.
‘We’ve introduced the Tepilo Buyer Barometer survey to gauge how British house buyers behave in the modern home buying market. With house prices on the rise again and interest rates still at record lows, we’re keen to track buyer opinion,’ said Beeny.
‘We’re a nation that’s obsessed with listing ownership, so it’s interesting to see how buyers are behaving and to discover the differences across the UK and amongst different age groups. It’s also interesting to see that Brits’ love of investing in listing is still going strong, a trend I expect will continue as people increasingly look for alternatives to traditional pensions,’ she added.
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Source: Property News Spain