Zoopla has found that larger homes – with four-plus bedrooms – lead to a 20% increase in the distance buyers are willing to move.
Buyers in coastal and rural areas were found to be willing to move further. In the South West, for example, buyer interest for four-plus bed homes had a radius five times that of interest for one to three-bed homes.
Nationally, buyers were looking at new homes further afield priced at 18% – or £73,000 – cheaper than similar properties in their current location.
Zoopla launches ‘In Search’ ads
This figure is higher in the South, at 21%, with buyers searching to move to a home that is £100,000 cheaper than a similar property in their locality.
In Scotland, the figure was found to be 20%, which equated to £51,000.
In London, the average buyer was searching for property within a three mile radius across all property sizes for resale, and just under five miles for new homes.
This compared to an average radius of five miles and eight miles for resale and new homes respectively across the rest of Britain.
Alex Rose, director of new homes at Zoopla, said: “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 1-3 bed home.
“The report, which can be downloaded 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.”