Buyers move further for larger new homes, research shows

New research from Zoopla appears to show that buyers typically move further away for larger homes rather than smaller or same-size ones.

It says in a new report that larger homes - that is, four bedrooms or more - tend to see buyers moving up to 20 per cent further when they purchase.

Location also plays a vital role, with buyers in coastal and rural areas willing to move further for a larger home. In the South West, for example, buyer interest for four bedroom homes comes from a radius that is five times that of interest for properties with one, two or three beds. 

The portal adds that nationally, buyers are looking at new homes further afield that are priced 18 per cent or £73,000 cheaper than similar properties in their current location.

This figure is even higher in the south of England at 21 per cent, with buyers searching to move to a home that is £100,000 cheaper than a similar property in their locality. In Scotland, the figure stands at 20 per cent, which equates to £51,000. 

In London demand in London is more concentrated, with the average buyer searching for property within a three mile radius across all property sizes for resale and just under five miles for new homes. 

This compares to an average radius of five miles and eight miles for resale and new homes respectively across the rest of Britain. 

For new homes, the Help to Buy equity loan scheme has played a major part in enabling buyers who would have been priced out of buying a home in London to keep their home search more ‘local’. 

Alex Rose, director of new homes at Zoopla, says: “The pandemic has seen a once-in-a-generation reassessment from buyers in what they want in a home, with additional living space becoming a key priority for many. 

“Our research reinforces this, with many buyers willing to move a further distance for a larger new build home than they would for a one, two or three bed home.” 

The report, which Estate Agent Today readers can download for free here, also considers the effects of changing buyer behaviour, including the ‘search for space’ and how the recent changes to Help-to-Buy and regional price caps will impact the appeal of larger homes.