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Residential

Homebuyers take 33 minutes to make a decision 18 08 2014

Q3 2014

Everyone knows first impressions count, but a new survey from Aviva has shown that the recent competitive housing market has led people to decide within the first 33 minutes of a viewing on whether to buy a house or not.

Everyone knows first impressions count, but a new survey from Aviva has shown that the recent competitive housing market has led people to decide within the first 33 minutes of a viewing on whether to buy a house or not.

Showing that buyers are spending less time viewing houses than ever before, it has never been more pertinent for sellers to ensure that their house is in pristine condition, and that buyers are asking the right questions of estate agents from day one to avoid hidden problems.

The research has found that 24% of home owners said they only viewed a property once before making what is likely to be the biggest purchase decision of their lives. In fact, every year up to 40,000 people buy properties without viewing them at all. Michael Fiddes, head of residential agency at Strutt & Parker, says: “Buyers know that if they fall in love with a property, a strong early offer often can help secure the purchase. But today’s fast paced and often competitive market is demanding more from buyers and sellers than ever before, from getting solicitors sorted much earlier, to meeting viewer’s expectations on fixtures and fittings. When everything comes into play seamlessly, we have seen houses come off the market within days.”

Aviva has said that buyers in the past year devoted under 10 seconds to looking round a property for every £1,000 they spent purchasing it. This short length of time means that buyers need to be extra vigilant, ensuring they ask estate agents basic checks on the first viewing covering things such as any plumbing or damp issues. The report found that buyers on average faced repair bills 45% higher than expected, spending £1,094 more than originally planned on their new home.

Similarly, sellers also need to be attentive to their buyers’ needs, knowing that they could be lost forever as a serious purchaser within the first 33 minutes of viewing their house. Light, bright spaces that are functional, attractive and meet the needs of today’s modern families are the ideal. 

Fiddes says, “I would advise sellers to prepare months in advance before their property goes live. Aesthetically speaking, re-painting and de-cluttering can help hook people’s attention and make the house come across much better in photographs. Structurally, weigh up problems like re-plumbing and old kitchens to establish if their financial rewards outweigh the cost of work involved. The guide price will ultimately reflect the property’s condition. For buyers, the survey is a key part during the purchasing process and will help avoid serious surprises further down the line.”

Thinking of selling? Contact your local Strutt & Parker office.