UK homebuyers prioritise transport links over the square footage of a property when looking for a home, so says a new study by Market Financial Solutions (MFS) which highlights a marked shift in attitudes in the post-pandemic climate.
MFS surveyed 412 UK adults who have bought a new property in the UK in the past 12 months or are in the process of buying one. The survey replicates the research carried out by MFS back in 2021.
Where green and/or outdoor space (76%) was previously seen as the most important factor, it has now been replaced by broadband and connectivity. 82% of homebuyers viewed this as a key factor during their property search, with responses ranging from ‘important’ to ‘very important’.
Since 2021, a property’s proximity to public spaces and parks (74%) has increased by one place, along with the quality and finish of the property (74%), which was also the third most popular answer.
Most notably, jumping from fourteenth in 2021 to sixth in 2024 is transport links, with 74% of participants stressing its importance.
Meanwhile, the potential for extensions and conversions (62%) has fallen six places from fourteenth in 2021 to eighth in 2024.
And where the square footage of a property (72%) was previously the second most important factor, it has dropped down to seventh on the list, demonstrating how much attitudes have changed 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.”
