Location remains the number one selling point of a property

Posted on Tuesday, June 27, 2023

A new survey from NerdWallet UK has confirmed that Brits feel that the old mantra of location, location, location still rings true today and remains the biggest selling point of a property. 

According to the survey results, 67% say that the location of a property is the most important selling asset, with ample parking coming in second with 46% stating this was more desirable, and - perhaps as a hangover to the pandemic, a big garden rounded up the top three, with 44% agreeing that a large outdoor space was key for them.

The ability to add value, surprisingly, was near the bottom of the list, with just a quarter of people saying they felt it was a selling point of a property.

Top 10 selling points for property

1: Location 67%

2: Ample parking 46%

3: A big garden 44%

4: ‘Ready to move into’ finish 37%

5: Proximity to good schools 35%

6: Modern appliances/fixtures 33%

7: Eco-friendly credentials 33%

8: A garage 32%

9: Ensuite bedroom/s 32%

10: Good accessibility to public transport 31%

Although location was the most important factor for people of all ages, it is slightly more important to older generations. 76% of 55-64s and 73% of those aged 65 and over said the location was the most important feature of a property. This compared to 50% of 18-24s and 59% of 25-34-year-olds.

Interestingly, ample parking was more important than a big garden for those aged over 45 – completely the opposite for those aged between 25 and 44, who agreed that a big garden was more desirable.

When it comes to the environment, eco-friendly credentials are the most important for Gen Z, but this did slip down the list for millennials. However, more than 35% of those over 55 said they believed an eco-friendly property was desirable. Gen Z is also willing to get their hands dirty; 30% of those polled said that the ability to add value by upgrading and extending is a big plus. This compared to just one in five of those aged 65 and over.

Commenting on the results, Adam French, senior editor at NerdWallet UK, said: “It is no surprise that location is the number one selling point of a property, right across the board, even beating out really practical points, such as parking and eco-friendly credentials – something that I thought would be higher on the list after the last 18 months.

"However, a good location is subjective, and what one buyer wants another may not. For instance, living close to good schools may be important for those who have children of school age, while being close to family and friends may be important to another, and the person across the street may simply want to live in a more traditionally desirable area. So it really does differ between people. And there’s no one size fits all location to suit everyone.”

Via @PropertyReporter