Far out Friday: Decision to buy property a hasty one

by NZ Adviser15 Jan 2016
Although buying a home is often the biggest purchases in life for many people, research has shown that buyers don’t waste time deciding yay or nay, according to the Daily Mail.

Buyers take 53 minutes to choose whether they will buy a property, new research shows and with the average British home valued at £197,044, it means buyers spend more than £3,700 a minute at a property viewing.

Further statistics show 41% of buyers see a property more than twice before buying and almost 70% of buyers read the full description of a property.

It may seem like a short time but the figure has risen since the same research last year revealed the deciding time frame was only 38 minutes. 

“This research shows UK buyers are taking that extra bit of time viewing a property, before submitting an offer,” says eMoov.co.uk chief executive Russell Quirk, which carried out the survey. 

“Although demand is still high in a number of areas, particularly London and the surrounding areas, the market isn't quite as competitive as it has been in previous years, so many potential buyers are opting for a second or third viewing before committing to a property.”

“It makes sense given the enormity of such a decision and with buyers not feeling as pressured, there is no need to rush to submit an offer and secure a property after the first viewing,” Quirk says.

“However, the data shows that there are still those six per cent of buyers that will view a property for less than 10 minutes, before deciding to buy it. This still amazes me but highlights the speed the market can move at, in the areas where demand is still outstripping supply.”

The research also showed a total of 59 per cent look at other properties in the area, while 56 per cent check out the road on Google street view. 

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