Homebuyers ‘prepared to take on more debt’ for ideal location

Many house buyers are prepared to go into more debt in order to find a home in the ideal location, new research has suggested.

A survey from Halifax Estate Agents has revealed that people are prepared to pay over £20,000 more for a property in the perfect spot.

The most important factor when choosing a home is proximity to the countryside, with 23 per cent of respondents stating this as their top choice.

Distance to work was cited as the most significant issue by 17 per cent and good transport links by 15 per cent.

Managing director Gordon Edwards commented: “Although other factors such as budget, property specification and availability play an important part, most people begin their search for a home by looking at geographic location.”

Meanwhile, debt help has been provided by Lloyds TSB and Cheltenham & Gloucester, who have lowered standard variable mortgage rates from seven per cent to 6.5 per cent.

By Jamie Price