Buyers willing to pay premium for ideal location

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A new study by Halifax has found that people are willing to pay a premium to get a property in their ideal location.

Research found that people class proximity to the countryside as the most important factor, chosen by 23 per cent of people, followed by the proximity to the town or city centre.

Estimates suggest these two locations could add a premium of £35,000 and £20,760 respectively.

It also found that proximity to work could add an average of £20,024 to the value of a property, a factor which was favoured by 17 per cent of respondents.

Gordon Edwards, managing director for Halifax Estate Agents, said: "Location and lifestyle factors are essential in the home buying decision process.

"Although other factors such as budget, property specification and availability play an important part, most people begin their search for a home by looking at geographic location first."

Research, conducted for Halifax by Cranfield School of Management, found that property prices close to a top state school could be boosted by three per cent for every ten per cent improvement in GCSE pass rates.

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