This year is a leap year – the 29th February only occurs every four years…
Location is clearly the most fundamental aspect of property. But what is it about location that attracts?
This is a complex question that means different things to different people and is usually driven by the motivation for the move. Many agents overlook the driving forces behind a decision to move, yet it holds the key to why people buy, and where.
For example, many people move because they need more space, perhaps because of a growing family and the requirement for more bedrooms and a larger garden. The pandemic has also prompted many to consider whether they have enough space to work from home. Clearly space comes at a premium, and it may be that to satisfy this requirement a cheaper location may have to be considered if the finances are to balance. Then of course there is the issue of school catchment areas, which can have the effect of significantly price-loading an area.
Perhaps the move is prompted by a job promotion which has enabled the buyer to fulfil the aspiration of living in a “better” area. But what does better mean? Leafier, attractive architecture, great views, low crime, good restaurants? The good agent finds out.
Naturally, convenience has a major bearing on choice of location. Proximity to shops or work, transport links, recreational facilities and security all play their part. Good value for one buyer might represent poor value for another, hence the reason that some people are prepared to pay substantially to be close to work, whilst others are prepared to commute for several hours.
It is this complex and fascinating combination of locational needs and desires which makes our job as estate agents so interesting. The accuracy of our interpretation of buyer preferences is key not only to our valuations, but also to our ability to help people move to a home that will delight them.