At least a third of UK property buyers will decide to buy a place after seeing it once, according to recent research. Online bank First Direct conducted a survey that found that people are prepared to spend £226,000 or more on a property they’ve spent just 30 minutes in.
Just over a quarter of house hunters are more cautious, however, conducting a second or even a third viewing before deciding to make an offer. This is compared to the viewers who spend more than £7,500 for each minute they spend in the property!
Patience pays off
While it’s good to be decisive, people are making big financial decisions based on a whistle-stop tour of their potential new home. This can lead to lots of renovations and repairs that might not have been obvious issues during a fleeting visit.
Many buyers feel compelled to make an offer as soon as possible because competition is fierce, but making time for a second viewing is important as buying a house is the biggest financial decision most people ever make.
Impulsiveness comes with age
A surprising finding from the survey was that the people making the rapid offers tended to be older. More than two-thirds of buyers under the age of 45 made at least two visits to properties before making an offer. Only 61% of people over 45 had second or third viewings.
In London, house hunters tended to make offers on several properties before settling on one; this is because they expect to be gazumped. More than a quarter of London-based buyers made multiple offers, compared to less than a fifth in the rest of the country.
As does wisdom
One reason for the relative impulsiveness of older buyers could be the fact that they have a lot of previous experience. They’re more able to spot potential problems and decide whether they can deal with them or whether to choose another property entirely. Younger, less-experienced buyers are more cautious and will take their time before taking the plunge.
