Home Buyers Taking Longer Before Making An Offer

In a time of political uncertainty and anxieties concerning the future of our country as we exit Europe, it is unsurprising that potential buyers are viewing property for 23% longer before making an offer.

A new report, by Hybrid estate agents, compared the 2018 results with those carried out in 2016. The results highlight a more cautious buyer all round.

In 2016, a home buyer would spend around 53 minutes viewing a property before making an offer. In 53% of cases at least two viewings were required. However, in 2018, buyers are averaging 65 minutes and 2.4 viewings before taking the plunge and making an offer.

Whilst the average viewing rests at 2.4 before an offer, 56% needed at least two viewings before making their decision. 27% of respondents viewed a property on three occasions and 9% required more than four viewings before making an offer.

Only 7% would feel comfortable making an offer after a single viewing.

Russell Quirk, Chief Executive Officer at Emoov, said: “While the UK property market remains broadly stable, a slowdown in the time taken during the viewing process echoes trends in other stages of the selling process, such as an increase in the time houses are remaining on the property portals, a slowdown in the rate of price growth and a marginal fall in the number of transactions.

“There is still an imbalance in the stock available to meet demand but, with many buyers treading cautiously, there isn’t the urgency to submit an offer that we’ve seen in previous years.

“As a result, many are understandably taking that little while longer to ensure it’s the right house for them before making a commitment and this has pushed up the average time to buy since the Brexit vote.”

As Northern Ireland, London and the North West of England continue to procrastinate and deliberate on their home buying decision by taking 78 minutes, 77 minutes and 62 minutes respectfully before putting in an offer, the housing market is waking up to the cautious and anxious feelings of the current home buyer.

Have you noticed an increased anxiety in home buyers? Are people worried that Brexit and threats of a future recession will place them in a position of negative equity?

 

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