Home-buyers, including first-time buyers in the UK, focus on 7 core priorities in addition to the location of the property before concluding a transaction.
“Beyond location, location, location: priorities of new-home buyers”, a collaborative report produced by the NHBC Foundation and Savills, found out that while location remains a key influencer, buyers of new-build homes also placed high importance on a series of other features, such as the design of living space, off-street parking, a new home warranty, minimal maintenance and increased energy efficiency.
In order of importance, the seven priorities include minimum maintenance, off-street parking, location, new home warranty, size and design of living space, quality of the neighbourhood and energy efficiency.
For different buyer types, there was more variation in the order and choice of priorities. The buyer types could be further differentiated by the amenities they wanted to be near to. Almost six out of ten (58 per cent) first-time buyers surveyed considered the ‘Help-to-Buy’ scheme very important and placed a greater emphasis on proximity to transport and shops.
First-time buyers in urban settings placed the greatest store by proximity of a train or tube station (with 47 per cent rating as very important) compared to just over 30 per cent of other respondents.
NHBC’s Head of Standards, Innovation and Research Neil Smith said: "The report shows that whether you’re a first-time buyer, relocator, downsizer or upsizer, buying a new home is about more than just location, location, location."