When purchasing a new home, there are a number of things that need to be thought about before making an offer. Research is important, and mistakes can easily be made if a purchase is rushed. This is why it is interesting that over a third of buyers in the UK rush to make an offer after the first viewing.
Spending more than £226,000 on a property based on first viewing seems risky, but things may not be as they seem. The research done by First Direct has found that 36% of buyers make an offer after a single viewing, with 26% viewing the property at least three times.
These findings were based on official Office of National Statistics (ONS) figures. The findings found that an average of £226,185 was spent on the property. This means that £7,530 is spent for every time a property is viewed.
The risky nature of buying after a first-time viewing is the costs that can come after. High-cost repairs to the property, renovation bills, and other unforeseen expenses are often piled onto the cost of the house. It really seems that the best course of action is to take your time on viewings and get fully informed on the state of the house before rushing in.
Looking at other statistics about buyers, 67% under the age of 45 are likely to view a property at least twice before making an offer. 61% aged 45 and over based in London are more likely to have around three viewings. In East Anglia again, it was two viewings.
In London, it seems that purchasers are willing to put down offers on more than one property to make a purchase. This shows that they know the risk of being outbid on the properties they want and are hedging their bets on their best choices. While 40% of over 35s are willing to make offers on more than two properties, only 19% of under 35s will make the same move.
This shows that the older purchasers base their actions on experience rather than impulse. Younger prospective house owners are finding the one that seems perfect for them and putting a price down, whereas older people tend to find a number of properties, view them numerous times and put down offers on multiple properties so as not to be out-bid. Hopefully, for the younger buyers, their risky move on one property isn’t a mistake they’ll regret.