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Third of homebuyers spending £7,500 a minute

22 Sep 2017

  • 36% of property owners had offers accepted after just one viewing

  • East Anglia tops regional league table for fast offers

  • London homebuyers need most viewings prior to an offer

    More than a third of homebuyers are prepared to spend an average of more than £226,000 on a property based on just one viewing lasting less than 30 minutes, new research from first direct reveals.

    The latest Office for National Statistics (ONS)* figures show an average UK house price of £226,185, which means one in three buyers are forking out more than £7,530 for every minute they spend, on average, viewing the property.

    The poll of 2,000 homeowners for first direct found 36 per cent had an offer accepted on their current property after just one viewing, while just one in four (26 per cent) had visited the property on at least three occasions before making an offer.

    Joe Gordon, Head of first direct , said: “Every week thousands of homebuyers are making six-figure decisions based on one quick tour of a property. Unfortunately, a lot of buyers then find they’re faced with expensive repair and renovation bills because they hadn’t done thorough checks beforehand.

    “While the market is moving so fast in some areas it’s understandable people feel they need to make a quick decision. But buying a property is the biggest financial commitment most of us will make so it’s vital to do your homework.

    “Whether you move quickly or take your time, it’s always advisable to have your finances in place before you start your property search, which is why first direct mortgage advisers are available seven days a week.”

    Impulsive buyers tend to be older buyers

    The survey also found the number of viewings required before an offer is made depends more on the age of the buyer than on the property’s location.

    Two thirds (67 per cent) of buyers under the age of 45 said they’d had at least two viewings of the property, compared with 61 per cent of those aged 45 and over.

    Regionally, homebuyers in London average the most viewings, at 2.58, while those in East Anglia average the fewest, at 1.88.

    Making offers

    The research also found buyers in London submit the most offers on multiple properties before making a purchase – which suggests they’re the most likely to be out-bid. More than one in four (27 per cent) Londoners had made offers on at least two other properties, compared with 18 per cent in the North East and Wales.

    As with the number of viewings, there’s a clear age split when it comes to offers, with 40 per cent of buyers under 35 making offers on at least two other homes, compared with just 19 per cent of buyers aged 35 and over.

    Joe Gordon added: “Older homebuyers might be using previous experience when it comes to viewings and offers. When they see the property they want they’re confident about making an offer quickly. Younger buyers, particularly those entering the housing market for the first time, are more likely to take their time and may make offers on several properties during their search.”

    The key findings from the research include:

     

     

    Avg no. of viewings

    Fewer than two viewings

    Avg no. of other offers made

    At least two other offers made

    Overall

    2.17

    37%

    0.92

    22%

    East Anglia

    1.88

    50%

    0.76

    21%

    East Midlands

    2.11

    35%

    0.73

    22%

    London

    2.58

    30%

    1.10

    27%

    North East

    2.20

    31%

    0.99

    18%

    North West

    2.14

    36%

    0.76

    19%

    Northern Ireland

    2.48

    34%

    1.12

    24%

    Scotland

    2.04

    45%

    1.03

    21%

    South East

    2.22

    32%

    0.88

    22%

    South West

    2.17

    41%

    0.96

    21%

    Wales

    2.10

    36%

    0.75

    18%

    West Midlands

    2.24

    34%

    1.11

    26%

    Yorkshire & The Humber

    1.93

    36%

    0.81

    22%

    Female

    2.10

    39%

    0.77

    18%

    Male

    2.27

    33%

    1.10

    27%

    18-24

    2.28

    33%

    1.77

    46%

    25-34

    2.37

    34%

    1.39

    34%

    35-44

    2.24

    33%

    1.05

    26%

    45-54

    2.15

    38%

    0.85

    19%

    55+

    2.03

    39%

    0.56

    12%

     

    ends

     

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