According to a new study, homeowners prioritise location above price when choosing a home. More than three-quarters (79%) of homeowners consider location their top priority, while price is the primary concern for renters.¹
The findings highlight how residents who don’t own their homes are feeling the pinch of rising rental costs, pushing them to prioritise budget over anything else, in the survey by Go.Compare Home Insurance, 69% of renters cited affordability as their main consideration, with location a close second (66%).
Research by the insurance comparison site reveals a divide in what homeowners and renters prioritise when selecting a home. The study shows how financial constraints and the long-term commitment of homeownership can shape someone’s decision to settle on a property.
Price stands out as the number one factor in home selection across the UK, with 76% of respondents selecting it as the key aspect in their decision-making process, including three-quarters of homeowners. The surge in average rental prices – up by 26% over five years – combined with the average property cost of £292,924, shows why affordability is at the forefront for many house hunters.²
Top 10 most important factors when picking a home:
- Price – 76%
- Location (including appearance/desirability/safety of area) – 74%
- Condition of property – 61%
- Number of bedrooms – 54%
- Garden – 52%
- Parking availability – 50%
- Size of rooms – 48%
- Neighbourhood facilities, e.g. shops, healthcare services – 48%
Property type (semi/detached/terraced) – 45% - Layout of property – 39%
Price sensitivity varies 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, Brits aged 25-34 care more about location than younger home-seekers.
Three-quarters (76%) of 25-34-year-olds said this was the most important factor, while only 63% of 18-24-year-olds felt the same.
The survey also highlights the influence of home insurance costs on a decision to move. More than half (54%) of respondents said that a significant difference in insurance premiums would impact their purchase decision.
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.
“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.”
Find more information about our priorities when choosing a home on the Go.Compare website.
About the data:
¹ All opinions on important factors when choosing a home were sourced from a YouGov survey of 2,000 UK respondents of varying demographics. The survey was run on 13 September 2024. All demographical data was also taken from this survey.
² The average rental prices for Great Britain in 2024 and 2019 were sourced from the ONS Price Index of Private Rents, UK: monthly price statistics dataset for August 2019 and August 2024. These two figures were used to calculate the percentage increase over the past five years. The average property price was sourced from the government’s UK House Price Index.
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