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 for people to make what for many will be their biggest ever financial decision.
Online estate agent eMoov.co.uk said that this was up from the 38 minutes it took when it carried out the same research 12 months ago.
Just 6% of UK buyers are rushing to submit an offer after just one viewing. A majority of buyers (53%) return for that all important second viewing, with a further 41% feeling the need to 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.
Founder and CEO of eMoov.co.uk, Russell Quirk, said: “This research shows UK buyers are taking that extra bit of time viewing a property, before submitting an offer. 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.
“However the data shows that there are still those 6% 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.”
eMoov also found that 67% of prospective buyers read the full property description (67%), with 59% looked at other 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.
What research would you do before viewing a property?
Read the full property description 67%
Look at other properties listed in the area 59%
Look at the property on google street view 56%
Take a detailed look at the floor plan including room sizes 53%
Look at local amenities, employment and infrastructure 49%
Find the historic price of the property and neighbouring properties 44%
Research changes to commuting route and times 32%
Research school catchment areas 25%
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