31% would pay £10,000 extra just for location

Wednesday, 11 April 2007 12:00 AM

One in three homebuyers would pay as much as £10,000 extra for a property in their favoured location, a new study reveals.

This is well ahead of the 25 per cent of Brits who say they would not pay anything extra for location factors, the research from Halifax Estate Agents finds.

A further 12 per cent say they would pay between £10,000 and £25,000 extra to buy a home in their favoured location.

Additionally, being close to the countryside was the factor considered most appealing when it comes to location - 26 per cent of Britons saying this is most important when choosing where to buy a property.

This was followed by closeness to transport links (18 per cent), closeness to a good school and being close to work (both 14 per cent), being close to amenities (11 per cent) and proximity to the town or city centre (ten per cent).

"It is interesting that being able to escape to the country is the most highly prized geographical factor for house-hunters. According to our research it ranks higher than some of the considerations which are traditionally thought to impact significantly on property prices such as local schools and distance to work," commented Colin Kemp, Halifax Estate Agents managing director.

"Although other factors such as budget, property specification and availability play an important part in the decision to purchase a property, most people begin their search for a home by looking at geographic location first.

"The fact that so many house-hunters would be prepared to pay more for a property in their ideal location demonstrates how important this is in the home-buying process."

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