Consumers Shown To Be Doing Homework In Selecting Perfect Property
Filed under: Loans/Finance General @ May 8th, 2008
Britons are increasingly looking to get out of the nation’s large towns cities and enjoy a slice of country life, a new study shows.
In research carried out by Yorkshire Bank as a part of its quarterly Housebuyers Survey, it was revealed that significant numbers of consumers believe that making such a move will bring a variety of benefits for both themselves and their families, in spite of the longer commute they may face to go to work. An estimated 59 per cent of people think that living in a rural area, away from the pollution and noise of cities, will help to improve their overall health. Meanwhile just under two-thirds (62 per cent) of those in their 20s state that living in a city is not vital to their career progression, with 32 per cent considering moving to a rural area to help find a better school for their children. However, some 27 per cent claim to prefer life in the city due to the shorter commuting distances, in addition to the social and shopping amenities that are provided by urban areas.
For those looking for an effective way in which to fund moving home from the city to the country, taking out a loan could prove to be of assistance.
Research from the financial services firm also indicated that 52 per cent of people in East Anglia state that they are prepared to move to a more rural area. This was the highest proportion noted across the country. On the other hand, only a fifth (21 per cent) of those living in London claim that they would be willing to move from an urban area and the convenience that it provides to the country.
Gary Lumby, head of retail for Yorkshire Bank, said: “Potential buyers are savvier than ever and are really doing their homework when it comes to finding the perfect location to buy. In contrast to the recent trend of buying, improving and moving on, many buyers are concentrating on finding a home where they can settle long-term and build a future for themselves and their family.”
He added: “It’s easy to see why those currently living and working in the city might find the idea of a quieter pace of life in the country appealing.” Mr Lumby pointed to findings from the firm showing that about three-quarters of those surveyed said they were prepared to spend over an hour on their daily commute to work to help them enjoy a home in the country while also benefiting from holding down a career in the city.
For consumers considering moving home, taking out a cheap loan might be advisable. Selecting this type of loan could provide assistance in meeting expenses such as property deposits, estate agent fees and moving costs.
Last year Key Financial Consultants pointed that following the introduction of regulation in November 2004 lender fees have increased. In addition, Dominic Mansley, managing director of the firm, stated that many first-time buyers underestimate the cost of legal fees and stamp duty.
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