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Quarter of home buyers purchase the first property they view

September 25th 2017
By: Melanie
Quarter of home buyers purchase the first property they view

A recent survey by Tesco Bank has revealed that nearly a quarter of homebuyers purchase the first property they view, with 50% viewing on average six or more properties before making a decision. They state that 78% of people decide which property they would like to buy within a week of searching, with the average move time being around 12 weeks from start to finish for 52% of home movers.

People who were surveyed decided to move because of financial reasons – either to increase their equity or to provide security for their future, other reasons included wanting to move into a larger property, moving in with a spouse or partner or because of starting a family.  

The average home buyer saves around £500 per month to purchase a property, with people in London saving more around £844 per month, and people in the Midlands saving the least around £419 – this could be attributed to lower wages and property prices.  

Homebuyers were very savvy in general about costs associated with moving home, around 7 out of 10 people knew exactly how much they would have to spend on items such as stamp duty and moving costs.

This recent survey has really highlighted the importance of making sure that if you are selling your home that first impressions really do count from making sure that your photos look the best they can to staging it for viewings. Check out this article – How to maximise your properties first impression.

Source https://www.estateagenttoday.co.uk/breaking-news/2017/9/over-a-quarter-choose-to-buy-their-property-on-the-first-viewing