The Price of Peace

According to a recent report*, 23% of Britons say that a quiet location is the number one consideration when choosing where to live. This rises to 32% amongst people in their 50s (and surprisingly falls to 16% amongst Londoners).

The second most important consideration (16%) is proximity to friends and family with 14% seeking low crime, and 12% seeking good schools in the area. Interestingly, only 1% of people cite the historic movement of house prices as being the most important factor when assessing the desirability of an area.

When looking to buy, everyone has their own personal preferences and motivations. Yet sellers sometimes panic when they read of the latest property preference if their own home does not precisely fit the trend. But don’t worry! Preferences are exactly that. Well-trained estate agents understand the difference between buyers’ wants and buyers’ needs. It is remarkable how many buyers citing a preference end up compromising on it, in order to satisfy a fundamental need. For example, people will generally prefer to move into a spacious property, even though it might not be perfect for them in other ways.

The most common compromise is location, swiftly followed by price. The RICS confirms our view that 70% of buyers eventually pay 20% more than they had originally allocated. When pricing your home it is important to remember this, because it indicates that most of your likely buyers are registered in a lower price band than you might expect. By pricing your property too ambitiously these prime buyers will not even view it, let alone make an offer.