Home buyers now take longer when deciding on buying a property

Home buyers now take longer when deciding on buying a property

21st Jan, 2016

UK home buyers are now taking longer to decide whether or not they should buy a property. According to a report, many are choosing to view a potential property multiple times before they make their decision.

The recent report revealed that the average length of time it takes to view a property is 53 minutes, this is up from 38 minutes a year ago. 9 out of 10 people now take longer and often require additional visits in order to make their decision. 

Only 6% of people will make an offer on a house when they view it for the first time. 51% of buyers said they would return for a second viewing of the house, whilst the remaining 43% said they would return for a third or fourth viewing just to make sure they were certain they had made the right decision.

Surprisingly, buyers in London are the most analytical when it comes to viewing a property. People buying in the capital are much more likely to want to view a property twice before buying it than anywhere else in the UK.

The report also shows that the marketing of a home is now considered much more important than ever. Many people are conducting more in depth and detailed research to see what the house and the environment has to offer before arranging a viewing. 67% of people will observe a listing in full detail before booking, while 59% look at homes in the surrounding area. 49% of people will look in detail at local amenities and schools, the location on Google Street View or other factors such as the historic value and overall room sizes.

"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,” said property expert Russell Quirk. "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."

With all the comparison tools that are readily available on the internet, many more people are now conducting more detailed research into potential properties online, which could be one of the many influential reasons home buyers take longer to decide on buying a property.

Here at Applegate Properties we appreciate the importance of marketing each property. This is why we have recently invested in a high specification website which allows you to search for properties according to budget, location and more.
 

Article Source: www.rman.co.uk

Image Source: www.pixabay.com

View all posts by Amy Wray


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