17 Apr 2014
Location is clearly the most fundamental aspect of property. But what is it about location that attracts? This is a complex question which means different things to different people, and is usually driven by the motivation for the move, yet it hold 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. Clearly space comes at a premium, and it may be that in order to satisfy this requirement for more bedrooms and a larger garden. Clearly space comes at a premium, and it may be that in order 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 in itself 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 valuation, but also to our ability to help people move to a home which will delight them.