A new survey has revealed home hunters spend less time deciding to buy a property than watching an episode of Coronation Street.
Nearly one in six (16%) Scottish home buyers admit they made up their mind to buy their current property before they had even seen it in real life – despite a home being the biggest purchase they’ll ever make, according to a major new report from Barratt Homes.
Homebuyers spend an average of just 25 minutes and 30 seconds viewing a house or flat before making up their minds. And with the average home in Scotland currently costing around £182,000, this decision equates to a staggering cost of £7,137 per minute.
The findings come from the Barratt Homes “21st Century Living: Heads, Hearts and Homes Report” which revealed that the main reasons people in Scotland don’t spend longer viewing a property include:
Pressure from estate agents (named by 20%).
Uncertainty as to how to arrange a further viewing (34%).
Lack of time (11%).
This approach has an emotional effect on homebuyers, leaving people feeling pressured (20%), stressed (5%) and worried (4%).
The average time spent viewing a home is less than it takes to watch an episode of the TV soap Coronation Street, and only 11 and a half minutes more than Scots spend on average when deciding which pair of jeans to buy.
The report has been compiled by Barratt Homes with the Social Issues Research Centre (SIRC), to gain further insight into the emotional and rational factors affecting property buying in the UK.
Douglas McLeod, regional director for Barratt Homes in Scotland, said: “Purchasing a property, whether for the first time or the 10th time, is a major life investment. It’s really important for the buyer to be 100% happy and confident in their decision. But rushing this decision can and should be avoided. Considering a new-build home is one way to do this – new home builds offer customers the opportunity to view a new property they’re interested in as many times as they like without feeling pressured or rushed.
For more information, tips and hints on helping you navigate the house buying process, visit www.barratthomes.co.uk
How long did you spend looking for your new home?
Helen Auld (48) from Alness“We were in a fortunate position having sold our previous home and living in a rented property, this gave us the opportunity to spend the time that was needed looking for the right property.”
Simon Owen (32) from Evanton“When I bought my first home, the market was at its peak before the recession, so I felt pressurised into making a choice before someone else snapped it up. My wife bought our current home new, and this meant it was easier to see what you were getting from the outset.”
Ailsa Nicol (28) from Aberdeen“With the pressure of the Aberdeen housing market, we only viewed our current home once. We had lost out on previous properties due to high demand and so wanted to make sure that we secured a property quickly.”
David Cordiner (31), Inverness“When I bought my flat, the process was fairly straightforward. It was a bank repossession and I was informed I was the third-highest bid. Fortunately for me, the two higher bids pulled out and I got the keys. I only went to view the property once and didn’t feel rushed into my decision.”
