The number of homebuyers that are prepared to sacrifice space in favour of a short commute to work or better nightlife has jumped over the last year, according to a new survey by Santander Mortgages.
According to research published by the bank today, Britons are increasingly turning into a “recreation nation”, with those citing proximity to bars and restaurants as a key factor when buying a house increasing to eight per cent, from six per cent in 2011.
In contrast, those number of people who valued more space decreased to 27 per cent down from 29 per cent, while having a garage or parking also fell to 15 per cent from 18 per cent.
Good transport links remained the most important factor for 57 per cent of Londoners, who were on average willing to pay an extra £7,674 for the privilege compared with £3,529 for the rest of the UK.
A short commute to work was also a priority for 43 per cent of Londoners, with £8,059 the average extra sum they were ready to pay.