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Being close to work is top priority for homebuyers

Friday, 1 July 2011 2:11 PM

Closeness to work is the main priority for those searching for a new home, according to new research issued today.

A study by Santander Mortgages found that cutting down the commute was the most important motivating factor for many homebuyers, while being close to friends and family didn’t even make the top ten.

The findings revealed that the 12.6 million Brits looking to buy a new home in the next five years would pay an average of £5,354 extra for the privilege of living closer to work.

A third of prospective buyers said being close to work was important, while having more space was the second most important factor, with 29 per cent citing it as a privilege they would be willing to pay an additional premium of £10,212 to enjoy.

Good public transport links were prioritised by one in five prospective buyers (21 per cent) and were thought to be worth around £3,500 extra, according to the findings. Some 18 per cent said having a garage or parking space was essential, a commodity worth nearly £5,900 to the average homebuyer.

Phil Cliff, director of Santander Mortgages, said: “It’s fascinating to see the value that prospective buyers attach to different property features, and how these evolve as people get older and family situations change.”

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