Location, location, location may have been a well-worn phrase even before it became the name of a TV programme, but many will wonder whether this is indeed the be-all and end all for those investing in property, either as a place to live or as a place to rent out.
A survey by property firm Manning Stainton suggested that some may think it is. A poll of its members has found that in 81 per cent of cases location is regarded as the top priority by property buyers.
However, suggested the firm's Leeds-based representative Russell Manning, the situation is not as simple as that. He stated: "There is a lot of truth in the saying "buy the worst house on the best street, rather than the best house on the worst street", but added that some more specific issues needed to be considered.
Among those Mr Manning listed were the proximity of schools and workplaces, the need for and accessibility of public transport, the desirability of living close to family and that of being in modern properties in communities with many young families.
Those buying may decide to take all or any of these factors into consideration. Those involved in buy-to-let must consider who they are letting to. For example, if they are investing in a family-sized house, the school issue is likely to be more pressing. If it is a place with parking for two cars, the public transport issue may matter much less, if at all.
But it may also help to beware of stereotypes when it comes to markets. In news which may surprise some, the notion that 20-somethings are mainly keen on city living has been dented by a new survey from Yorkshire Bank.
This poll found that 62 per cent of young people did not regard such a lifestyle as central to their career progression, while 72 per cent were prepared to undertake a commute of an hour or more. Rather than living close to work, entertainment, shops and other amenities, the majority, it transpired, were rather keener on the fresh air and greenery of the countryside. No less than 59 per cent said living in or near rural locations would boost their health and wellbeing.
At the same time, the minutiae of the survey should act as a caution to investors not to be too broad-brush here either. It found that among Londoners, the desire to live in the country was at its weakest, just 21 per cent wanting to swap the big smoke for green fields. In contrast, those living in largely rural East Anglia, where no centre of population as large as 200,000 exists, are keener on the country life,
with 52 per cent desiring such a lifestyle. As ever, it seems, good research into people's tastes in each location is the key.
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