New research reveals home buying trends

Research found that location (78 per cent) and fair price (74 per cent) are the key factors househunters in the North East consider important when buying a new home.
Research found that location (78 per cent) and fair price (74 per cent) are the key factors househunters in the North East consider important when buying a new home.

Location pips price when it comes to buying a new home, according to new research.

Potential house buyers give more consideration to where a property is situated over the financial requirements of a new house and selling their current properties.

Research commissioned by luxury housebuilder Mactaggart & Mickel Homes found that location (78 per cent), fair price (74 per cent) and the number of bedrooms (65 per cent) are the key factors househunters in the North East consider important when buying a new home. Just over a third (34 per cent) rated being close to family and friends as important while other considerations like eligibility for incentives (7 per cent) and proximity to reputable schools (10 per cent) were much lower down the list of priorities.

Those aged 55+ in Scotland were the most price conscious with 85 per cent citing it as a key factor in their decision, while location was the most common consideration among Scottish 18-24 year olds. Despite their focus on value for money, only 7 per cent of those aged 55 and over in Scotland ranked the eligibility of incentives as important compared to nearly a quarter of the younger generation (23 per cent of 18-24 year olds).

Nearly four in 10 Scots (38 per cent) would worry about selling their current property when buying a new home, with regional data showing broad variation across Scotland’s housing markets. Respondents in the Highlands & Islands and West of Scotland were most likely to have concerns about selling on their existing property (46 per cent) compared to 44 per cent in the North East.

Joanne Casey, director at Mactaggart & Mickel Homes, said: “It’s interesting to see the notable difference in Scotland’s housing markets. While there is still some concern in the North East about selling properties, other regions cited this as a bigger worry.

“With the current economic uncertainty, it is understandable why Scots are feeling anxious about taking the plunge and moving house. It’s no surprise to see location and price come out as the key factors considered when buying a new home – a sign of the times and the competitiveness of the housing market.”