Homeowners prioritise location above price when it comes to choosing a home, a study from Go.Compare Home Insurance has revealed.
More than three-quarters (79%) of homeowners consider location their top priority.
For renters, who tend to have less money to spend, price is more often the main concern.
Nathan Blackler, home insurance expert at Go.Compare, said: “It’s fascinating to see the different priorities of homeowners and renters. Homeowners have to think long-term, considering how their location will affect their personal lives, as well as potential resale value or insurance costs. So, it makes sense that location would be a big consideration for them.
“On the other hand, renters are grappling with the ever-increasing rental costs and are typically just searching for a place that fits their needs and budget. But insurance shouldn’t be an afterthought for anyone.
“For those who prioritise location, it’s essential to understand how different areas can impact your insurance premiums – not just for home insurance, but car insurance too. Doing your homework on insurance costs should factor heavily into your decision-making process when selecting a home, helping you get the best deals possible.”
Price sensitivity varies across age groups, with most younger residents prioritising affordability. Some 83% of 18 to 24-year-olds identified price as their top concern, compared to 71% of over 55s.
Meanwhile, Brits aged 25-34 care more about location than younger home-seekers. Three-quarters (76%) of 25-34-year-olds said this was the most important factor, while only 63% of 18-24-year-olds felt the same.
