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Assetz® Property News Service
Houses by the sea 'worth a premium'
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House hunters are prepared to pay the biggest premium for a home by the sea, a study has revealed.
The sound of waves lapping nearby, a sea view, or even the smell of salty air is enough to encourage homebuyers to part with an extra £20,448 to live near the coast.
While people would pay top prices to secure a property on the coast, being close to family was the most popular factor house buyers would consider when moving, with 24% saying it was there number-one priority.
The poll of 2,031 people by the Post Office found they family-orientated house seekers were willing to fork out an extra £13,005 for being close to loved ones.
Location was more important for men than women, with males prepared to pay on average an extra £15,860 for a home in the right position, compared to £13,605 for women, the Post Office Mortgages Homebuyers Report found.
People aged between 35 and 54 were the most likely to pay more for their ideal home location, being prepared to part with almost double (£17,505) the amount 18-34 year olds were willing to invest (£9,874) on top of the property price.
Outside space was also an important feature, with 24% of buyers prepared to pay on average an extra £10,043 to secure a garden or roof terrace.
A fifth were also prepared to pay an extra £11,931 to move into a house which required no DIY improvements.
Post Office director of personal lending, Marco Hughes, said: "Our new Homebuyers Report shows that when it comes to location homeowners are certainly prepared to shell out for an ocean view.
"The right location is particularly important to over 35s looking to put down long term roots and bring up families, whereas younger buyers appear more willing to compromise on the location or features of the property in their desire to get on the ladder."
Attractions ranked in order of popularity and the average premium house hunters were will to pay to secure them:
1 Being near family - £13,005
2 Green space - £16,340
3 Low crime rate - £16,672
4 Good community feel - £17,517
5 Good transport links - £11,184
6 Near friends - £18,310
7 Near a beach - £20,448
8 Near a good school - £18,003
9 Near the work place - £8,269
Copyright © Press Association 2010
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