A survey of over 1,700 people has revealed that over a quarter who have purchased their home in the last 12 months decided to buy the property on the strength of their first viewing.
Another 50 per cent viewed six or more properties before finding the home but, irrespective of the number of properties visited, no fewer than 78 per cent of people made a decision to buy a specific home within a week of starting to look.
Some 52 per cent of buyers completed the process – from making an offer to moving in – within a 12 week period.
The main reasons for moving home are financial with 42 per cent saying the main driver was to build equity while 29 per cent wanted to provide security for the future.
Other reasons include a need to move to a bigger property, to move in with a spouse or partner, or to start a family.
These findings come from a Tesco Bank survey into what motivates buyers and what challenges they face in the process.
Home buyers save an average of over £500 per month to help them buy a property; Londoners typically save the most at £844 per month, while home buyers in the Midlands typically save the least at £419. Almost 40 per cent of movers had no savings left after the transaction.
The survey also found a relatively well-informed population when it came to the issues surrounding house purchase and moving.
Around seven in 10 were fully prepared for additional moving fees such as stamp duty, legal fees, estate agent fees and removal costs; some 56 per cent of buyers felt ‘informed’ about the home buying process.
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