5% of home buyers ‘do not view property’

Young people and first-time buyers spend less than one hour viewing a property, new research claims.

Research commissioned by Which? Mortgage Advisers showed that the amount of time people spent viewing a property increased with age, with those aged 18-34 viewing for only 49 minutes on average, and over 65s viewing for an average of 74 minutes. First-time buyers spent on average 53 minutes viewing their property.

And amazingly, 5% of people said they hadn’t viewed the property at all.

The market research also asked people who had either bought or sold a house in the past five years about the checks they had carried out before buying their home. Just over one in ten (11%) said they didn’t conduct any checks during viewings.

The types of checks undertaken varied greatly. Of those who did view, most looked at whether there was any obvious damp or mould in the property (70%), the general condition of the windows (69%) and whether there were any large cracks in the walls (68%).

However, fewer people checked less obvious issues like the condition of the chimney (36%), whether light switches actually worked (35%) and if taps functioned or if there was adequate water pressure (28%).

David Blake, from Which? Mortgage Advisers, said: “If you’re looking to buy a property in a highly competitive market, it’s easy to get carried away and not make all the essential checks. However, acting on impulse could mean that you don’t spot maintenance issues that could cost you dearly later on.

“When looking for a new home, it’s important not to rush and to carefully consider whether the property is right for you.

“Having a checklist that prompts you to look at things like the condition of the boiler or whether there are enough power sockets can really help, and will also highlight the questions you should be asking yourself or the estate agent.”

The research also showed that those viewing for longer were more likely to eventually pay less than the asking price.

Of those who spent more than two hours viewing a property, 71% paid less than the asking price. By comparison, of those who spent less than 10 minutes viewing, only 48% paid below the asking price.

Which? Mortgage Advisers commissioned ‘Research Now’ to survey 1,990 members of the public in June.

x

Email the story to a friend



Comments are closed.

Thank you for signing up to our newsletter, we have sent you an email asking you to confirm your subscription. Additionally if you would like to create a free EYE account which allows you to comment on news stories and manage your email subscriptions please enter a password below.