The top 10 features buyers are looking for in their next home

Gardens and off-street parking top the wishlists of people looking to move home this year.

This is according to a new survey by AA Home Insurance, which asked prospective buyers about the features they want their next property to have.

Read on for the full list of what homebuyers are looking for, and for advice on what's happening to house prices and mortgage rates. 

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The features buyers want in a new home

AA Home Insurance have revealed the features that homebuyers most desire in a new property.

The insurer surveyed 661 people who said they were planning to move home in 2024, with the top five most in-demand features of the 10 as follows:

1. A garden (43% of respondents)

Perhaps unsurprisingly, house-hunters are drawn to properties that have their own garden.

Gus Park, from AA Home Insurance, says: 'Be it the hope of hosting parties in the back garden or creating a "mini-Wembley" so the kids can have a kickabout, having a green space of our own still tops the charts when it comes to buying a house.'

Outdoor space is highly sought-after, but it can come at a significant cost, especially if you want plenty of room for entertaining. 

A report by Savills last year found that properties with large gardens cost 39% more per square metre than those with smaller gardens. And back in 2020, a Rightmove report found that properties with south-facing gardens had a price premium of 7%.

2. Off-street parking (38%)

Buyers are also keen on having off-street parking at their new home.

There are several benefits to having your own driveway. These include increased security and convenience, not needing to pay for a permit for on-street parking and the potential for lower car insurance premiums. 

3. Proximity to local amenities (29%)

Being close to the action was important for just under a third of homebuyers. 

Being within walking distance of the local train or tube station can add value to a property, as can close proximity to the town centre and shops.

A recent report by the online estate agent Yopa found that homes within walking distance of a town centre commanded an average price premium of £82,000. 

4. A garage (26%)

As with off-street parking, a garage can have both security and insurance benefits. 

The impact of having a garage on the value of your property will depend on the type of garage you've got (single or double), whether it's detached from the property and the scarcity of parking in your area. Some homebuyers may also be attracted by the potential of a garage conversion. 

5. More living space (18%)

Just a few years ago, the race for space was really hotting up, with government stamp duty incentives encouraging people to splash the cash on bigger homes.

The market is more subdued now, but one in five buyers still considered more living space to be a key consideration.

How much a bigger home will cost depends on where you live. The latest Land Registry data shows detached homes in the UK cost an average of £161,000 more than semi-detached properties. In South East England, however, the gap is £241,000.

Top homebuyer priorities: the full list

What's happening to the property market?

The housing market has slowed down significantly over the past year.

In 2022, more than 100,000 house sales took place in 11 of the 12 months. However, that benchmark now hasn't been breached in any of the past 15 months.

Buyers and homeowners alike have been hamstrung by stubbornly high mortgage rates. This has led to a shortage of properties coming on to the market and sellers having to accept reductions in their asking prices. 

• Find out more: what's happening to house prices?

Are mortgage rates going to fall?

There may be some better news around the corner. Mortgage rates are unlikely to fall across the board until the Bank of England reduces its base rate (currently 5.25%), but there are hopes that might happen this summer. 

This week, we've seen a couple of major lenders reduce their rates after more positive inflation forecasts. People looking to move home will be hoping this trend continues, but even a significant cut in the base rate this year won't bring mortgages back to the record lows recorded a few years ago. You can find out more in our guide to the best mortgage rates. 

How to find the best place to live

If you're lookiong for a new home, it's not just the property itself you'll be thinking about.

You'll also want to ensure you're buying in the best possible location.

See our guide on finding the best place to live for advice on how to research a new area, the signs that a town might be up-and-coming and for details of the towns voted the happiest places to live.

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