More than half of homebuyers have become more willing to compromise in the search for their next home, new research reveals.

Analysis by Direct Line Home Insurance suggests the cost of living crisis is making buyers more flexible.

Traditionally home buyers have been unwilling to compromise on location, however, 29% of property hunters said this was something they would now be willing to consider if it meant buying a new home, according to the research.

A similar figure said that low housing stock meant that they would have to make compromises when it came to purchasing their new home, with 25% admitting this was because they could no longer afford what they want. 

A rise in the cost of renovations was also cited as a reason to compromise.

Almost a quarter said they would be looking to purchase a new home in the next two years, according to the research and a third would now compromise on the size of the property and 31% would be flexible on the garden size.

People are also willing to compromise on the number of bedrooms or having a garage. 

The research also revealed a move away from open plan living, with 27% of buyers happy to forgo this design feature, perhaps due to the need for separate working spaces in the home, the insurer said. 

Dan Simson, head of home insurance at Direct Line, said: “A lack of choice and high-interest rates means home buyers are increasingly having to compromise if they’re looking to buy a new home. 

“Despite this many are still planning to move over the next two years and are considering properties they may not have done previously. 

“Changing patterns of living mean local amenities and green space are more important than transport links and how close people are to their work.”

Richard Donnell, executive director at Zoopla, added: “Post-pandemic the numbers of those able to work flexibly has increased, loosening the boundary between home and work. This means more people have an option to seek out better value-for-money homes by looking further afield than they might otherwise do, in locations they may not have considered previously. 

“In addition to being flexible when it comes to location, the rising cost of living and higher mortgages mean we are seeing some households looking to buy smaller homes to help offset the impact of energy costs, and questioning what their priorities may be in a home.”

Via @EstateAgentToday