The Decision of Buying Your Home – New Insights
For many of us, it’s one of our main aspirations – to own our own home. And so, naturally, we do all we can to prepare, plan and organise ourselves so that when we buy a house it has been a good, financially wise move. Yet worrying insights into the decision of buying a home from charity Shelter reveal that despite good intentions, with housing stock in limited supply, we’re making increasingly rash decisions.
2 minutes is all it takes
The survey, conducted by Shelter, gathered answers from 2,000 homeowners and house hunters and asked them various questions surrounding their decisions about buying a home. The results were alarming. They revealed that, with lots of potential buyers vying for the same properties, 11% of those surveyed admitted to putting in an offer on a property within two minutes of viewing it.
And yet, oddly the survey revealed that plenty of time is taken considering and looking for homes when house hunting. According to the survey, the average house hunt takes 89 days – with 24 of those days spent researching locations, 38 days researching properties and 27 days viewing properties.
The survey surmised that buyers are making such snap decisions on buying a property due to competition from other prospective purchasers. And sadly, the survey forecasts that in future – it’s only going to get more competitive.
Average prices set to soar
This is due to the fact that average house prices are set to soar from £220,000 to £270,000 by 2020. One of the consequences of this increase is that on average, first-time buyers will have even more of a struggle getting onto the property ladder; as they will require a deposit of £46,000.
So it could be said that the survey has revealed why some people are making such hasty decisions – because the market is so competitive and average house prices continue to climb.
However, with the right property agent aiding you in your house hunt, there’s no need for hasty decisions – and buying a home is certainly not one to be rushed.
If you’re tempted by one of the many appealing properties on our books, why not get in contact with your local Clyde Property branch and chat to one of our agents today? With their excellent local knowledge of the area and of the Scottish property market, they can help you through the entire house buying process – and help you avoid being a part of the hasty 11 per cent. Find your Clyde Property branch here.
