UK homebuyers are placing more emphasis on transport links when looking for a home, while the square footage of a property has become less important as priorities shift in the post-pandemic climate, Market Financial Solutions (MFS) reveals.
The data comes from an independent survey among 412 UK adults who have bought a property in the UK in the past year or are currently buying one. The survey is identical to one that MFS produced in 2021.
Broadband and mobile connectivity were cited as factors they considered important during their property hunt by 82% of homebuyers as ‘important’ or ‘very important.
This replaced garden and/or outdoor space (76%) as the single most important factor.
A property’s proximity to public spaces and parks (74%) is up one place since 2021, alongside the quality and finish of the property (74%), which also shares the third-place spot.
Meanwhile, the factor that has risen the most in the list is transport links (74%), which has jumped eight places from fourteenth in 2021 to sixth in 2024.
Conversely, the factor that has fallen the most is the potential for extensions and conversions (62%), dropping from eighth to fourteenth.
Similarly, the square footage of a property (72%) has fallen from second in 2021 to seventh this year, underlining that people’s outlook has transformed once again since the Covid era.
Market Financial Solutions chief executive officer Paresh Raja says: “Homebuyers’ priorities changed radically during the pandemic. But the speculation was whether those changes were temporary or permanent – and our research shows there have indeed been some interesting shifts back to pre-Covid times.”
“The increased importance of transport links clearly indicates changing work patterns, with more people needing properties in well-connected areas as fully remote work becomes less common.”
“Meanwhile, the fact people are placing less emphasis on square footage and the potential for extensions suggests a shift towards convenience and connectivity over expansion, marking the end of the Covid-inspired ‘race for space’.
“It will be intriguing to see how these trends play out in the years ahead, particularly as the new government accelerates its plans for building new homes and towns. For lenders and brokers, our findings show that the specialist lending sector must continue to tailor its products and services to meet the ever-evolving needs of homebuyers.”
