Homeowners continue to prioritise location above price when choosing a home, according to a study from Go.Compare Home Insurance.
Price stood out as the number one factor in home selection, with 76% of respondents selecting it as the key aspect in their decision-making process, including three-quarters of homeowners.
However, while more than three-quarters (79%) of homeowners considered location their top priority, price was the primary concern for renters.
Following the surge in average rental prices – up by 26% over five years – combined with the average property cost of £292,924, it is clear that affordability remains a key issue.
Price sensitivity varied across age groups, with most younger residents prioritising affordability.
83% of 18 to 24-year-olds identified price as their top concern, compared to 71% of over 55s.
Meanwhile, those aged 25 to 34 cared more about location than younger home-seekers.
Three-quarters (76%) of 25 to 34-year-olds said this was the most important factor, while only 63% of 18 to 24-year-olds felt the same.
Nathan Blackler, home insurance expert at Go.Compare, said: “It’s fascinating to see the different priorities of homeowners and renters.
“Homeowners have to think long-term, considering how their location will affect their personal lives, as well as potential resale value or insurance costs.
“So, it makes sense that location would be a big consideration for them.
“On the other hand, renters are grappling with the ever-increasing rental costs and are typically just searching for a place that fits their needs and budget.
“But insurance shouldn’t be an afterthought for anyone.”
He addedL “For those who prioritise location, it’s essential to understand how different areas can impact your insurance premiums – not just for home insurance, but car insurance too.
“Doing your homework on insurance costs should factor heavily into your decision-making process when selecting a home, helping you get the best deals possible.”
