Research has found that house hunters spend on average just 25 minutes and 30 seconds looking around a property before making the decision about whether they want to buy it or not. I spend longer deciding what suit I’m going to buy.
With the average house now costing on average £250,000 in the UK, this means that each minute that is used in the decision making process is worth £9,804 of the overall price.
Results showed that 13% of people would buy a property before they have even viewed it, and 17% would make the decision of whether or not to buy in the first ten minutes.
According to the 21st Century Living: Heads, Hearts and Homes Report, 3 in 10 homeowners made such a quick decision when buying a property because they “did not want to put off the vendor by spending too much time there.”
More than a quarter of homeowners apparently bought their home so quickly because they felt under pressure from the estate agency, and 10% said they were just short on time so needed to the get the purchase completed as quickly as possible.
This would probably explain why 1 in 10 purchasers sell within the first year of ownership
“Purchasing a property, whether for the first time or the tenth time, is a major life choice and investment. It is really important for the buyer to be 100 per cent happy and confident in their decision. But rushing this decision can and should be avoided.”
I think that a lack of supply is the main issue forcing people to buy a house too quickly and that those trying to get onto the property ladder were worried about missing out on a house they wanted if they didn’t make a decision quickly.
I also think house hunters should consider viewing brand new homes, as this will take the pressure off and allow them to view the property as many times as they want, for as long as they want, without being rushed by anyone. Downside here has been less and less new build schemes available over the past few years.
It is important to take your time when buying a house, as it is most likely going to be the most expensive purchase you ever make. Do your research before you attend a viewing and make sure you have spoken to an expert to secure the best mortgage possible first.