Homebuyers are increasingly sacrificing space for location with fewer people seeing the need for a garage, south-facing garden and private outdoor space than a year ago, Santander research shows.
The research showed decreases in those valuing more space (27%, down from 29%); having a garage or parking (15%, down from 18%); a south-facing garden (12%, down from 18%); and a private outdoor area (11%, down from 14%).
However nearby access to green space remains key, with 17% of respondents saying this was essential.
Cutting the daily commute is the most important factor for homebuyers with 33% of Brits looking to buy a home saying short travel times to work was critical while 28% named proximity to public transport as a key factor.
The findings also suggested that one in four Brits is looking to buy a new home in the next five years.
On average they would pay £6,297 extra to live closer to work, £6,900 to move to a safer neighbourhood, around £6,400 to be close to shops, £5,900 for nicer neighbours and over £6,300 to have eco-features such as solar panels.
Miguel Sard, managing director of mortgages at Santander UK, said: "Homebuyers are increasingly sacrificing space for location. Some of these sought-after features come with a big price tag, so it is important that they seek advice from experts to better understand what they can and can't afford."
