A survey by the virtual property viewings platform, U-See Homes, has found that homes are selling at such a rate of knots in current market conditions, many potential buyers are struggling to even make it to a scheduled viewing before the property goes under offer.
U-See surveyed 1,213 recent UK homebuyers, who have purchased within the last six months, about their experience of the home viewing process.
They first asked if buyers had lost out on an initial property viewing because the property had gone under offer between them scheduling the viewing and actually making it through the front door.
51% of buyers said they had experienced this happening, with 33% seeing it happen with up to a quarter of their scheduled viewings.
However, 9% couldn’t get through the door for between a quarter and half of their scheduled viewings, while a further 9% missed the boat on half or more of the properties they scheduled to view.
U-See Homes also asked if the same thing had happened with homes they were able to view initially but didn’t view for a second time because the house went under offer before they could get back there.
38% of buyers stated this had been an issue, with 15% stating it had happened on a quarter or more of their secondary viewings.
U-See Homes say that nearly half (48%) of UK buyers would be happy to submit an offer having initially viewed a property in person with a second viewing conducted via a virtual guided tour.
36% said a virtual guided tour would have allowed them to avoid scheduling unnecessary viewings, leaving them open to pursuing properties that were right for them and potentially getting in before being beaten to the punch.
Perhaps most surprisingly, 16% of buyers would submit an offer on a property they liked having viewed it virtually and without viewing it in person.
Simon Dempsey head of marketing said:
“Homes are selling like hotcakes in the current market and if you’re lucky enough to reach the offers stage, the chances are you’ll have some tough competition from a number of other eager buyers.
For over half of homebuyers, the initial task of getting a foot in the door is proving too large an obstacle and many are finding the properties they have scheduled to view are flying off the shelf before they’ve even had a chance to view them.
“Virtual viewings can be a vital resource in overcoming this current property market pitfall, allowing you to get a very good idea of a home before viewing, or as a follow up to an initial viewing to reconfirm your feelings.
“Of course, while virtual viewings can streamline the process, you need to make it to that all-important physical viewing first which is also proving a tough ask. That said, 16% of buyers would be prepared to submit an offer without seeing the home in person first – and even we’re a little surprised by that.”
“U-See surveyed 1,213 recent UK homebuyers, who have purchased within the last six months”
So – they didn’t get to see one (or more) potential homes – but they did buy one. Presumably “the one” for them – meaning that the ones they didn’t see are incidental.
“16% of buyers would submit an offer on a property they liked having viewed it virtually and without viewing it in person.”
And of those “16% of buyers”, what percentage wouldn’t proceed to completion on the deal?
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“51% of buyers said they had experienced this happening, with 33% seeing it happen with up to a quarter of their scheduled viewings.”
SO… around 620 out of 1200+ people ‘surveyed’ said that on at least ONE occasion a viewing was cancelled before they could attend it. Of those, around 420 of them said it didn’t happen a lot; some 100 of them said it happened quite a bit – and the other 100+/- were proper miffed about it… but didn’t give up and bought what they hope to be their dream home in the end.
Who writes this MDT? Two separate articles today based around mathematics and statistics that Diane Abbott would cringe over.
You couldn’t make it up. Oh, wait a minute…
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