Does it really take less than an hour to choose a new home?
Posted 14 January 2016 by Keith Osborne
Online estate agent Emoov.co.uk has found property buyers now take just 53 minutes to buy a home. While under an hour may seem very sudden for such a huge purchase, it’s actually 15 minutes longer than the findings from the company’s research last year!
eMoov surveyed over 1,000 UK homeowners to ask how long they took during the viewing process before putting in an offer on their new home. Some 53% of people take a second viewing and 41% come back at more than twice. While the average time has risen from 38 minutes to 53 minutes, there are still a few purchasers (6%) who know they want to put an offer down in under ten minutes.
Founder and CEO of eMoov.co.uk, Russell Quirk, says: “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.”
The survey also asked about the criteria house-hunters looked at prior to arranging a viewing of a property. These are the findings:
|Research undertaken before viewing||% of those surveyed|
|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