More than a third of home buyers in the UK are prepared to spend an average of more than £226,000 on a property based on just one viewing lasting less than 30 minutes, new research has found.
Some 36% of buyers made an offer on a property after a single viewing and 26% visited a property at least three times before making an offer, according to the survey for First Direct.
It says that as official figures from the Office for National Statistics (ONS) shows that the average price is currently £226,185 it means that one in three buyers is spending more than £7,530 for every minute they spend viewing a property.
‘Every week thousands of home buyers are making six figure decisions based on one quick tour of a property. Unfortunately, a lot of buyers then find they’re faced with expensive repair and renovation bills because they hadn’t done thorough checks beforehand,’ said Joe Gordon, head of First Direct.
‘While the market is moving so fast in some areas it’s understandable people feel they need to make a quick decision. But buying a property is the biggest financial commitment most of us will make so it’s vital to do your homework,’ he added.
“Whether you move quickly or take your time, it’s always advisable to have your finances in place before you start your property search, which is why first direct mortgage advisers are available seven days a week.”
The survey also found impulse buyers tend to be older so the number of viewings required before an offer is made depends more on the age of the buyer than on the property’s location.
Some 67% of buyers under the age of 45 said they’d had at least two viewings of the property, compared with 61% of those aged 45 and over while home buyers in London average the most viewings, at 2.58, while those in East Anglia average the fewest, at 1.88.
The research also found buyers in London submit the most offers on multiple properties before making a purchase which suggests they’re the most likely to be out-bid. Some 27% of buyers in London had made offers on at least two other properties, compared with 18% in the North East and Wales.
As with the number of viewings, there’s a clear age split when it comes to offers, with 40% of buyers under 35 making offers on at least two other homes, compared with just 19% of buyers aged 35 and over.
‘Older home buyers might be using previous experience when it comes to viewings and offers. When they see the property they want they’re confident about making an offer quickly. Younger buyers, particularly those entering the housing market for the first time, are more likely to take their time and may make offers on several properties during their search,’ Gordon pointed out.
|Mortgages - Find cheapest. Rates from 0.98%. 1st time buyers, remortgages, self-employed, adverse & CCJ, Landlord buy to let. Compare now|
|Sell or Let Property FREE on Houseladder 0% no fees. Free property advertising. List 1 to 1000 properties to millions of buyers and tenants. Upgrade to a Premium advert for only £30 and sell or let your property FASTER! Create Ad|
|Make Money - Earn £250 to £2000+ per month part time. Get paid every month for work you do once. Work from home. Flexible hours. Free training. No experience needed. Major UK PLC company. Find out how >>|
|How To Save Property Tax - Updated Sept 2017 “How To Save Property Tax” is widely regarded as THE tax bible for property investors. The 21st edition has just been published (Sept 2017) and is completely up to date. Read now|