How do you define what is a “prime property”?
Four out of five homebuyers looking for prime property in the UK say that the number of bathrooms is a significant factor in their decision-making process, according to a survey of over 4,000 people by PrimeLocation.com.
Prime buyers want an average ratio of at least two bathrooms for every three bedrooms. Indeed, almost one third of rule out a home entirely from their search if it has too few bathrooms. Among those surveyed the average number of bedrooms and bathrooms respectively needed for a property to be considered ‘prime’ was 4.5 bedrooms and 3 bathrooms.
Another 37 per cent of prime buyers felt that an en-suite in each bedroom is vital. En-suites ranked higher than swimming pools, tennis courts and gyms as crucial features.
Lawrence Hall of Primelocation.com, said: “The results of our survey show that dozens of bedrooms are not what makes a property prime for most people but instead quality comforts are extremely important for a home to be considered a ‘prime’ property. Extra bathrooms would seem to be one of the most effective investments at the prime end of the market.”
Prime buyers are split when it comes to property style with a third favouring a modern style, and 43% going for a Victorian or Edwardian home. Two thirds regard a large garden as essential for a prime property.
Properties with impressive bathrooms (and similarly impressive price tags) include Heath Hall, The Bishops Avenue, London ( 14 bedrooms, 15 bathrooms, £65m), Melville Street, Edinburgh, (5 bedrooms, 5 bathrooms 4 of which are en-suite, £2.5m), and Bedford Square, London ( 7 bedrooms, 6 bathrooms with 5 en-suite, £11.95m).
Are Energy Performance Certificates a bit pointless?
Energy Performance Certificates (EPCs) are having no bearing on the sale of properties, according to County Homesearch which says it has not come across a single case in the last five years where buyers have queried the energy performance of a home to negotiate a price. It follows the claim of the Department of Energy and Climate Change that sellers making energy improvements to a property could boost its value by as much as 38%.
One in three have serious mortgage or rent worries
Figures from the Charatered Institute of Housing suggest 23% of people are worried about their ability to pay the rent or mortgage right now and a third are concerned they won’t be able to meet their mortgage or rent payments this time next year. A similar figure said these concerns were causing them a great deal of stress.
CIH chief executive Grainia Long said: “The cost of housing combined with the increasing cost of living, flat lining wages and worries about job security is creating a toxic mix. This is causing real hardship for millions of people right now and these figures show that we are facing a ticking time bomb. The number of people worried about their housing costs will continue to rise, because we have failed to build enough new homes for decades. Decisive action is required to help fix our dysfunctional housing market. Long-term problems like this require long-term, fundamental solutions. Recent government announcements have shown ministers understand the importance of fixing our housing system, but we need housing to be understood as a national priority if we are to have any chance of dealing with this deepening crisis.”Tagged in: prime
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