According to a recent study by Zoopla, prospective house buyers can make the decision to purchase a property in as little as ten minutes. So if your house is on the market, it’s worth making sure it has as much ‘instant appeal’ as possible!
The survey revealed that the average time it takes for property buyers to make a decision at a viewing is a mere 27 minutes, with a quarter of respondents claiming to decide within just ten minutes. The survey also showed that buyers in the East Midlands are quickest to make a decision, while those in the East of England are the slowest at 32 minutes.
However, these are rarely snap decisions – UK house hunters spend an average of four months doing research, racking up a total of 75 hours of online searches and meetings with estate agents. Buyers also visit an average of eight properties before making a final decision. And when that choice is made, over half of prospective buyers (51%) reported making an offer on the very same day, and 45% admit to wanting to make an offer the minute they walk through the door.
To compare the time spent on researching and making a decision on buying property, Zoopla also surveyed the average deliberation time on a number of other major purchases, such as sofas (88 mins), home appliances (59 mins), cars (89 mins), laptops or computers (71 mins) and smartphones (46 mins), making house-purchase one of the quickest by a considerable margin, despite the amount spent and the commitment involved being significantly higher.
So does that mean we are creatures of impulse, or rely more on instinct when it comes to property, or perhaps that we simply have very clear ideas about what we’re looking for in a home?
Spokesperson for Zoopla Lawrence Hall commented on the results: “The process of buying a home is a hugely emotive one and whilst a quick decision can help secure a property in a fast-moving market, it’s essential to keep a strong head and do as much research online and with your local agent to help build knowledge prior to viewings and making an offer.”
To get a head start on your property search, get a free online conveyancing quote from our property experts at Frances Lindsay & Co and get ready to make a life-changing decision about your next home!Tags: property and conveyancing, property law, property search, property solicitor