Paresh Raja, CEO of Market Financial Solutions, delves deeper into the priorities of today’s property buyers and investors, and how brokers can help.
Whether someone is a seasoned investor or a first-time buyer, purchasing a property is often one of the largest financial commitments they’ll ever make. As such, the decision-making process tends to be highly deliberative and carefully considered. After all, a property is a significant purchase to experience ‘buyers regret’ about.
But what factors go into buyers’ decisions? And what are their priorities when it comes to the qualities that a potential property must have?
These questions were at the heart of MFS’s recent survey of over 400 UK adults who have bought a property in the UK or find themselves in the process of buying one. It was a repeat of an identical survey that we ran in 2021, giving us a valuable insight into how much – and at what speed – priorities can change.
Homebuyers’ value transport links more than size post-Covid
At the top of the list, the survey found that broadband and mobile connectivity was cited as an ‘important’ or ‘very important’ factor by 82% of homebuyers, replacing the garden and/or outdoor space (76%) as the most important factor.
A property’s proximity to public spaces and parks (74%) is up one place since 2021, alongside the quality and finish of the property (74%), which also shares the third-place spot. Interestingly, the factor that has risen the most in the list is transport links (74%), which has jumped eight places from 14th in 2021 to sixth in 2024.
Conversely, the factor that has fallen the most is the potential for extensions and conversions (62%), dropping from eighth to fourteenth. Similarly, the square footage of a property (72%) has fallen from second in 2021 to seventh this year.
These figures demonstrate how people’s outlook have transformed since the Covid era. The increased importance of transport links clearly indicates that work patterns have changed, with more people needing properties in well-connected areas as fully remote work becomes less common.
Meanwhile, the fact people are placing less emphasis on square footage and the potential for extensions suggests a shift towards convenience and connectivity over expansion, marking the end of the Covid-inspired ‘race for space’.
Here is the list in full:
| Rank | Thinking about the property you bought or want to buy, how important are the following factors in your choice of property? | All
(% who said ‘very important’ or ‘somewhat important’) |
|
| 1
(Up 2 from 3rd in 2021) |
Broadband and mobile connectivity | 82% | |
| 2
(Down 1 from 1st in 2021) |
Garden and/or outdoor space | 76% | |
| 3
(Up 1 from 4th in 2021) |
Proximity of public spaces and parks | 74% | |
| 4
(Same as 2021) |
The quality and finish of the property | 74% | |
| 5
(Up 2 from 7th in 2021) |
Garage or off-street parking | 74% | |
| 6
(Up 8 from 14th in 2021) |
Transport links | 74% | |
| 7
(Down 5 from 2nd in 2021) |
Square footage of the property | 72% | |
| 8
(Down 1 from 7th in 2021) |
Whether it was a detached, semi-detached or terraced property | 72% | |
| 9
(Down 3 from 6th in 2021) |
How built-up the local area is | 70% | |
| 10
(Down 1 from 9th in 2021) |
Distance to nearest city or town | 70% | |
| 11
(Down 1 from 10th in 2021) |
Local shops, cafés, bars and restaurants | 67% | |
| 12
(Same as 2021) |
Culture of the community and proximity of cultural sites | 67% | |
| 13
(Same as 2021) |
Age of the property | 64% | |
| 14
(Down 6 from 8th in 2021) |
Potential for extensions and conversions | 62% | |
| 15
(Same as 2021) |
Proximity to good schools | 59% |
Evolving priorities require innovative financing support
Our research shows that buyers’ priorities never stand still – they’re constantly evolving. As such, it falls to brokers and lenders to collaborate to ensure that they can access financial products that can meet their unique needs, no matter how much they change.
What’s clear is that well-connected areas – both in terms of transport and internet connectivity – will be experiencing elevated levels of demand at present, increasing the competitivity of local markets. Alongside flexibility, speedy financial products will be of significant value to borrowers as demand grows in the months ahead.
Indeed, previous research carried out by MFS found that 37% of homebuyers have been gazumped in the last decade, with 59% citing delays in getting a mortgage as the reason.
Therefore, to avoid losing out on a clients’ dream home or desired property, it’s important that brokers seek out lenders who can provide finance at pace to avoid the pitfalls of lengthy processing times and the competitivity of the UK property market.
To briefly conclude, our research highlights the importance for brokers and lenders to anticipate shifts in buyers’ priorities and adapt by offering financial products that align with these evolving needs. By doing so, they can help clients secure their ideal properties, even as market competition intensifies.
Paresh Raja is the founder and CEO of Market Financial Solutions (MFS), a London-based specialist lender that provides bridging loans and buy-to-let mortgages. Prior to establishing MFS in 2006, Paresh worked as a senior professional consultant in one of the top five management consultancy firms, and also set up an independent investment group.
