The study by Santander found a third of Brits think buying a home close to work is essential. This is the most important factor for buyers when choosing a house, it said.

The average buyer would pay £6,297 extra to live close to work and an additional £6,900 for a property in a safer neighbourhood.

More than a quarter (28%) said closeness to public transport was also important as more people ditch their car.

The proportion of people looking to be close to bars and restaurants has increased to 8%, up from 6% recorded in 2011.

The proportion of people looking for extra space has fallen, but remains important to 27% of buyers. Having a garage or parking is key for 15% of buyers, also down on the previous survey.

Miguel Sard, managing director of mortgages at Santander, said: “We are becoming a recreation nation as we look to minimise the amount of time we spend travelling to and from work, and maximise the time we can spend enjoying ourselves playing sports, enjoying green spaces and socialising in bars and restaurants.”

“Homebuyers are increasingly sacrificing space for location. Some of these sought-after features come with a big price tag, so it is important that they seek advice from experts to better understand what they can and can’t afford.

“We have a wide variety of mortgage products available to suit every customer’s needs– whether a first-time buyer, a home mover or if you’re simply looking to find a better mortgage deal. Looking around for the right product can make a big financial difference.”