How long do you think that it takes to make a decision to buy a home? According to a new survey, it takes just 53 minutes to make what is for many their biggest ever-financial decision in the UK.
In fact 12 months, ago it was reported viewing time prior to offer being even less – a mere 38 minutes.
Some 6% of UK buyers are rushing to submit an offer after just one viewing, whereas the majority of buyers (53%) return for that all-important second viewing. The 41% remaining view a property more than twice.
In London, where property prices are drastically higher, the majority of buyers (39%) return for a third viewing, taking for the large part (37%) between 21 and 30 minutes to view a property.
Although demand is still high in a number of areas throughout the UK, particularly London and the surrounding areas, the market isn’t quite as competitive as it has been in previous years, hence potential buyers are opting for a second or third viewing before committing to a property.
Adam Ellis from primepropertyfinders.co.uk says ‘with the enormity of such a decision for most purchasers, why are most conducting a purchase by themselves and not gaining insider knowledge and expertise from a property search agent?’ This service is common in the United States and increasingly so in parts of the UK, namely London and Home Counties, plus scattered pockets throughout the UK in property hot spots and affluent areas.
Choose carefully and the fee for a finding agent can pay dividends by eliminating competition, gaining access to property not even listed on the open market (off market property) and using their skills of negotiation together with local market research can deliver a substantial saving beyond the outlay.
The short viewing times highlight the speed the market can move at in areas where demand is still outstripping supply. It was also found was that 67% of prospective buyers read the full property description, with only 59% looking at comparable properties listed in the area.
A total of 56% said they checked out the road on Google street view, while 49% looked into local amenities, employment and infrastructure.
As house prices are set to rise more than a fifth in the next five years, with the largest increases in London and the South East according to Savills research. This news may increase the caution and time taken to view and evaluate a potential purchase, or could increase the urgency to buy and push up the figures of the 6% of whom view and offer in minutes.
Data from emoov.co.uk & what mortgage.