The non-negotiables: Barclays Mortgages reveals Brits’ list of property ‘must haves’
- Double glazing, central heating and an outdoor space are the features Brits aren’t willing to go without.
- Three really is the magic number as nearly half of Brits wouldn’t buy a property if it had three or more dislikeable features.
- Brits will pay up to 10 per cent over the asking price if a property has everything they want and first-time buyers are willing to up their offer by 20 per cent to secure a home that ticks their non-negotiable boxes.
The experience of living in an average five properties in their lifetimes has armed Brits with a strong sense of what makes a house a home and what doesn’t. New research from Barclays Mortgages has revealed how Brits are using this knowledge to drive the hunt for their next property with the list of ‘non-negotiables’.
Buyers’ non-negotiable list has an average of five features and amenities on it, and has the power to make or break a sale. Over a third of Brits (36 per cent) are not willing to put an offer on a home if it doesn’t have one of their ‘must haves’ and a further 36 per cent would reduce their offer.
|The non-negotiables: Brits’ top 20 must haves when purchasing a home:|
|1. Double glazed windows||11. Ensuite bathroom|
|2. Central heating||12. Energy efficient home|
|3. Outside space||13. Bathtub|
|4. Driveway or parking spaces included||14. Separate toilet and shower|
|5. Lots of natural light||15. Power shower|
|6. Downstairs toilet||16. A separate utility room|
|7. A spare bedroom||17. Letter box|
|8. Radiators||18. Entrance hallway|
|9. Good storage options||19. New/recent boiler|
|10. Garage||20. Tiled bathroom|
Those who do find a property that meet the requirements of the non-negotiables list are willing to dig deep and pay up to 10 per cent over the asking price. With the average property in the UK valued at £254,624², the cost of ticking those non-negotiable boxes comes in at a whopping £25,462.
This cost grows to £50,924 for first-time buyers as almost half (46 per cent) are happy to pay up to 20 per cent over the asking price for a house that has everything they are looking for.
Barclays research also found homeowners are willing to compromise to some extent, however almost half (49 per cent) draw the line at three features they don’t like. Some of the biggest turn-offs for buyers include:
- Carpeted bathrooms (21 per cent)
- Single glazed windows (21 per cent)
- Weird layout (20 per cent)
Claire MacPhail, Mortgage Expert at Barclays says: “Buying a home is a huge step. Whether you’re getting on the property ladder for the first time, remortgaging, or looking for your forever home, it’s important to know what your non-negotiables are and where there’s a bit more flex in your preferences.
Our research has shown that many Brits are already well on the way to knowing exactly what they do and don’t want in their next home. Thinking about your non-negotiables before starting the search for a new home can make the process more focussed and save you time.”
Claire MacPhail’s top tips for finding a home:
- Make a list and stay focussed - There are a number of things to keep track of when buying a home. To help you stay on track, make a list of all of your non-negotiables; splitting into ‘must have’, ‘nice to have’ and ‘flexible’, so you don’t get distracted when on your property search.
- Look at the home as a whole - When looking around a property, be open minded. Remember, a property can be anything you want it to be, so don’t focus on what the rooms currently are, and instead think about what the home can bring. Remember, you can always move things around when you’re in.
- Your preferences may change, and that’s ok - Over the time it takes to find your dream home, your circumstances may shift. Something that might initially have been non-negotiable for you, may no longer be the case in your next home, and vice versa.
- Stick with your gut - You’ll know when you’ve found ‘the one’. While there may be things you would prefer to have or not have, trust the feeling you get when you envisage living there and making the house a home.
Barclays has a range of mortgage products available to help Brits when looking to buy their home. This includes the green home mortgage, family springboard mortgages and fixed rate mortgages