Is Location Still the Driving Factor Behind a Property Purchase?
Is the phrase ‘location location location’ still a thing?
I guess in the main it still is. However, many young buyers these days are less fixated on location, and more on affordability. The intervention of working from home caused by the pandemic suggests a percentage of the population will plump for a tranquil location perhaps to improve their mental well-being. Are we going to see a large migration to the suburbs and away from city centres? I think in time the work from home novelty will wear off, the reality of the office culture will return, and the current narrative will settle down.
The international market is still very driven towards central locations. Proximity to transport facilities, business hubs and social amenities play a huge part in their decision making, whether it is for an investment or accommodation for their offspring to aid education or employment.
Many, many years ago before the internet revolution, I naively believed that when house hunting, the buyer would still choose their preferred location based on familiarity, in-built family knowledge of an area, employment prospects and at some stage, proximity to schools. I thought no better place than the local press! And then along came the internet; multiple websites and search engines providing endless listings and boundless information on amenities, not to mention reviews showcasing the thoughts that ordinary people hold on areas, schools, eateries and just about every function required to lead a normal life (whatever that is today).
So where has my rambling taken us to?
Despite working from home, despite far superior travel opportunities, despite affordability; there is no doubt that for the foreseeable future the individual’s perception of ‘location, location, location’ remains paramount!
I will leave you with a prime example:
Papermill House, Romford
100+ starter flats, none remain. The vast majority purchased by young first-time buyers using Help to Buy, who were brought up within a three-mile radius, who snapped-up the opportunity to be close to family in a fully-furnished apartment at an affordable price.
The key to their purchase decision? Location, location, location!