What’s On Every Property Buyer’s Wish-List This Christmas?

You might think it’s electric car charging or proximity to school. Apparently not. According to a recent survey – and our local property partners – these are the things that are topping the wish-list of those in the market to buy a home.

The latest annual survey from Property Academy (which trains estate agents) of 20,000 sellers, buyers, tenants and landlords reveals an interesting snapshot of what we are prioritising when it comes to searching for the perfect property – and it may not be what you think. For example, open-plan living is out (11%) and even space to work from home has fallen (from 35% to 29%). Despite the popularity of electric cars, only 3% of buyers list a charging point as a priority, and while pleasant neighbours are favoured by 43%, local community is seen as a must-have by only 3%. Unsurprisingly, parking (64%) and a garden (78%) topped the list, with proximity to shops and restaurants coming next with 45%.

But, of course, that is a national picture, so what can our property partners tell us about the local market? Joel Baseley of Rampton Baseley gives us the lowdown. “In general, good condition or a recent refurbishment seems to be highest on the wish-list for the majority of buyers. There is still an aversion to any kind of cosmetic or structural work.” With rising labour costs and delays around materials, many of us don’t want the stress of a taking on a renovation or refurbishment – a turnkey home is very attractive (in fact, the survey found 33% of buyers wanted a ‘ready to move into’ property).

“I would suggest that a garden studio/office is considered to be a ‘nice to have’ these days,” adds Joel. “But it is not necessarily something that buyers request. It is more of a pleasant surprise if there happens to be one. On the other hand, if you had two identical houses but one had converted a bedroom to create a luxurious ensuite bathroom/dressing room arrangement and the other had not, the property with the principal suite arrangement would definitely be the more saleable of the two.”

Robin Chatwin of Savills suggests flexible spaces that can grow with families are desirable, after all a home is a long-term investment. “When it comes to what buyers want, it’s the ‘best in class’ properties – usually comprising of five or six bedrooms, with outside space and multifunctional living areas – that are typically most sought-after. Buyers, especially those with families, want interiors that are flexible and that allow for families to grow and adapt as they get older and as needs change. In the same breath, the demand for outdoor space – a trend which became more prevalent during the pandemic – continues to shape buyer choices right across the region. Demand for homes with larger gardens and outside space has increased significantly over the past three years, meaning that those that do come with outside space, command a higher premium than ever before.”

Noting the appetite for properties that need minimal work, Robin adds, “Properties in turnkey condition or those that require minimal adjustment are also highly desired among buyers at all levels of the market, particularly given the wider market is becoming increasingly price sensitive. A vast majority of buyers want to move in and be able to live in the space right away, especially those with children in tow. In the spring of this year, we sold neighbouring properties in Battersea – both finished to a very high standard – to twin sisters and achieved some strong prices, due to the turnkey nature and kerb appeal of the homes. One sister had a one-year-old and the other was expecting her first child, and so both wanted to move into homes that would fulfil their family needs from the get-go. While the house itself needs to be right, the location and proximity to the school gates will also ‘seal the deal’ for a buyer.”

“Every buyer is different and comes to us with differing requirements,” explains Austin Thorogood of John Thorogood. “But I think the overriding wish-list item over the last year has been that a property is in good condition and requires little or no work. This seems to have even won over locations in some cases. We recently achieved a record price for a house on Battersea Rise, which was in large part down to the beautiful contemporary refurbishment that the owners had carried out just before marketing. Another property, which arguably had a superior location directly off Northcote Road, struggled to sell as quickly as the other house, as it had been tenanted and was looking scruffy.

“The other feature which usually ensures a quick sale (certainly in Nappy Valley where they are rare) is a large garden. We had two modern houses for sale recently, both set back from the road and both with off-street parking, but one had a small garden causing a couple of second viewers to lose interest on reflection. The other had a lovely big garden and was sold within a week (even though its location might have been considered worse).”

The Property Academy survey also revealed disappointment in the process of buying and selling in the UK, with 82% of those questioned thinking the deal should be done in three months or less. In reality, this happened in just 43% of respondents’ transactions – many take at least six months. So maybe all we want for Christmas is a smoother process to make what is one of the most exciting, and surely the most expensive, purchases of our lives less stressful!