Pick a new home... in 33 minutes: Demand for housing means buyers are making snap decisions after viewing property only once
- New homeowners spent just half an hour having a look round before buying
- Research found strong competition is putting pressure on buyers to choose
- Those who purchased in last decade spent longer before making a decision
People buying a home in the last year typically spent just 33 minutes looking around the property before making what is likely to be one of the most expensive purchase decisions of their lives, according to a survey.
Research by insurers Aviva suggested that the recent strong competition seen in the housing market is forcing some buyers to make 'snap decisions', with one in four home owners saying they only made one viewing before they decided to buy.
Aviva, which commissioned research among 4,000 home owners, found that those who bought most recently tended to spend less time viewing a property than those who bought some years ago.
Research has found that home buyers spend just 33 minutes looking around a property before choosing to buy
The average amount of time that people who had bought their property six to 10 years ago spent looking round their property was 35 minutes and for those who bought 10 to 20 years ago, the typical length of time was 39 minutes.
Perceived competition for properties has increased, according to the findings.
The proportion of people who said there was 'not much' or 'no competition' when they bought their home has fallen from 65 per cent for people who made their purchase 20 years ago to 46 per cent among those who bought recently, the survey found.
Home owners generally said they typically had to spend around £1,000 more than they had expected on repairs and getting their new home up to scratch, once they had moved in.
Aviva has placed a checklist on its website to help people know how to spot potential problems with a property when they are house hunting, along with estimates of how much it will cost to put issues such as displaced roof tiles or faulty guttering right at aviva.co.uk/home/house-checklist.
People who bought their property six to 10 years ago spent longer looking round before making a decision
DON'T MAKE A HASTY MISTAKE WITH YOUR MORTGAGE
Getting the right mortgage is essential to making sure buying a home is as affordable as possible.
There are hundreds, if not thousands, of options out there, so, as well as doing your own research, this is an occasion to search out expert opinion from a good mortgage broker.
First, read Mail Online's award-winning money section This is Money's regularly updated What next for mortgage rates? This outlines the current state of the market and highlights the current best buy deals.
Then also check the top mortgage deals on offer currently in our best buy mortgage tables, or click through by using our helpful table (right).
You should now be armed with some knowledge about what is on offer and you can use our True cost mortgage calculator to compare how different deals stack up.
You should also talk to a mortgage broker. There is no obligation to go through with their recommendation and so they may not end up actually arranging the mortgage for you, but they will be able to explain your options and help you to find the best deal.
Go a broker who offers advice from the whole market. Avoid brokers who offer a restricted service based on products from a limited number of lenders, and don't just simply go to your bank - unless you get lucky, you will be unlikely to find the best deal this way
This is Money has a carefully chosen partnership with mortgage broker London and Country. We have picked them because they offer a good service, with no upfront fees. Find about more about London & Country's fee free mortgage advice here.
- Amy Andrew, This is Money
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