According to Virgin Money’s analysis of 1,007 homeowners’ buying preferences, personal and household safety (83%), green spaces (62%) and good neighbours (68%) were the key reasons why owners bought their current home.
However, other well-known factors – the presence of good state schools and nurseries – were motivators for only 36% and 21% of homeowners respectively.
The perceived trends of chasing premium supermarkets and well-known coffee chains showed little appeal for homeowners. Despite a trend to buy near a premium supermarket, the research finds a nation divided on supermarket preferences. 47% would prefer a premium supermarket to be opened in their area, just slightly behind the 53% who would rather a discount supermarket to open. Likewise, only 10% agreeing proximity to a well-known coffee chain was a reason to buy a property.
The reported importance of independent stores also seems to be exaggerated, with just 22% saying this was a motivator in where they bought.
Peter Rogerson, director of mortgages at Virgin Money, said: “We set out to understand what the homeowners of today really value when buying a home. What we found is that people look beyond the fads we hear so much about, and are actually motivated by contented, convenient and comfortable living – the green spaces around them and a strong neighbourhood.”
The research shows that when looking at specific features and how important they are when buying a home, green space at home as well as in the neighbourhood is critical – with a garden being the most popular feature for both existing owners and those looking to buy a new property. This is followed by off-street parking, a dining kitchen and high speed internet.