Having a superfast broadband connection or good mobile coverage is equal to a good view when it comes to what buyers look for in a prime property, according to the results of Knight Frank’s Buyer Survey, which tracks the views of over 500 buyers active in the prime market.
Some 61.4% of respondents said good internet connectivity and phone signal was important to them when moving house. This compares to 60.8% who said the same about a good view.
The full results of the survey, the first ever conducted by Knight Frank, are published today (18/11/16) in the Winter 2016 Country Review (attached).
Oliver Knight, Associate, Knight Frank Research, said of the results: “In an age of Wi-Fi, tablets and streaming, it is unsurprising that fast and reliable internet access is seen as a necessity among home movers.
“Technology improvements, including fast, reliable internet have meant that working from home is a viable option for many, potentially cutting down on both commuting time and costs. This is likely to be particularly relevant for buyers in more rural property markets.”
As well as revealing what buyers look for in their property search, the survey also asks what impact recent changes to stamp duty have had on buyer’s budgets and examines the primary motivating factors for moving. Where possible, responses have been broken down by region and price bracket.
Key headlines from the survey:
- Nearly half (47%) of said they would be more likely to buy a house in an area with good internet connectivity or superfast broadband
- 41% of prime buyers have reduced their budget as a result of changes to stamp duty and a further 14% plan to stay in their next property longer as a result of the changes
- ‘Quality of life’ was the primary motivating factor for moving, followed by upsizing or downsizing
- Some 30% of respondents said that the preferred location of their next home was in a city. A quarter of respondents (25%) said they would like to move to a village, while just fewer than a fifth (19%) said they would prefer a countryside location.
- Privacy and security and having a garden or access to land were considered the most important attributes of a new home among respondents to our survey
Further details and a more comprehensive breakdown can be found in the report.
The report also reviews the performance of the prime country market across this year. Price growth currently stands at 0.5% over the year to September 2016, down from a peak of 5.2% back in mid-2014.
Knight comments, ‘While this figure suggests that the market has been relatively subdued, the slowdown in price growth is just a reflection of a market adjusting to a series of tax changes and, to a lesser extent, economic uncertainty resulting from the recent vote to leave the EU.
The wholesale reforms to stamp duty announced in December 2014, and subsequent introduction of a 3% surcharge for individuals purchasing additional properties, have succeeded in making buyers more price sensitive, and this has been factored in to asking prices and offers, something which is confirmed by the results of our exclusive buyer survey.’