Homeowners are often advised to view a property more than once before putting in an offer, but that hasn’t put off confident UK buyers. According to figures from the Office for National Statistics (ONS), 36% of homeowners are willing to make an offer on a property after only one 30 minute visit.
On average, more than a third of home buyers were prepared to spend more than &226,000 on a property following one viewing.
Joe Gordon, of First Direct who performed the research, said ‘Every week thousands of home buyers 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’ he added.
‘Whether you move quickly or take your time, it’s always advisable to have your finances in place before you start your property search.’
The survey discovered that the majority of the impulse buyers tend to be older. It could be suggested that older buyers may have prior experience in buying property, which could be leading to higher confidence in their judgement and decision making.
67% of buyers under the age of 45 said they would need to have at least two viewings of the property, compared to 61% of those aged 45 and over.
Gordon adds ‘Older home buyers 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.’