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What Factors Do Homebuyers Prioritise When Looking For a New Home?

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    2024 Homebuyers Wishlist Reveals How Priorities Have Changed

    Specialist lender MFS recently published their Homebuyer Wishlist 2024, which reveals what potential homeowners are looking for in a property.

    The last survey was carried out in 2021, surveying homeowners and homebuyers at the peak of the pandemic. The conditions at that time heavily influenced the results, but the market is currently in a much different state, as seen clearly in this year’s survey.

    The ‘wishlist’ was compiled by surveying 412 UK adults who have bought a property in the past year or are currently doing so and asking how important they feel various factors are when considering a property.

    For buy-to-let property investors, selling their property for a considerable profit later down the line is key in many investment strategies. Therefore, choosing an investment with broad appeal to potential buyers is important when looking for buy-to-let properties for sale.

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      What’s on the Homebuyer’s Wishlist?

      The survey revealed that homebuyers’ priorities have shifted since it was last conducted in 2021.

      It shows that good broadband and mobile connectivity are the most important factors when looking for a residential property. According to MFS, the impact of the pandemic is still lingering in some ways. New working patterns have emerged, and 82% of people believe it is ‘important’ or ‘very important’ to have strong internet and mobile connectivity in their homes.

      The second entry in the ranking is garden and outdoor spaces, as 76% of respondents said this is important to them. 74% also said they desire a home near parks and public spaces. The quality and finish of the property also ranked highly at 74%.

      The same percentage of respondents consider a garage or off-street parking and convenient transport links essential in a property. MFS states that these features have shot up the rankings since 2021, implying that the flexible working trend may be reversing for some people who need to ensure they can travel easily.

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      Which Factors Declined in Importance?

      Some factors also didn’t rank as highly as they did in 2021, suggesting a reverse in some trends we saw that were influenced by the pandemic.

      Property size seems to have declined in importance as square footage tumbled down the rankings since the last survey. While it still seems to hold significance to most buyers, as 72% chose this option, this may show how the pandemic trend for spacious properties is reversing somewhat, according to MFS’s report.

      The potential for extensions and conversions fell in importance most of any factor, dropping from 8th in 2021 to 14th in the latest survey.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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