Is Brexit slowing down our decision making process when buying a home?

New research from Emoov.co.uk has found that prior to the vote in January 2016, the average UK home buyer took 53 minutes viewing a property before deciding if it was the one for them, with the majority making a decision after two viewings.

Related topics:  Property
Warren Lewis
27th September 2018
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However, with current market conditions plagued by the threat of a 'no-deal' scenario, a new survey of 1,000 UK home buyers found that they are now taking 23% longer when viewing before committing to a sale.

According to EMoov's research, UK home buyers are now taking 65 minutes before submitting an offer on a property, 27 minutes during each viewing returning for an average of 2.4 viewings

Northern Ireland is home to the longest time to buy at 78 minutes, followed by the North West (77 minutes) and East Anglia (70 minutes). Scotland is home to the shortest time and is the only region where buyers decide in less than an hour at 55 minutes.

Despite London being worst hit by Brexit uncertainty a restriction in the number of homes available is still seeing viewers submit an offer in 62 minutes, the third fastest of all regions.

How many viewings would you make before submitting an offer?

While the majority, 56%, still take just two viewings before submitting an offer, 27% of those asked viewed 3 times, 8% returned for a fourth and just 1% needed more than four viewings. Surprisingly, 7% of those asked would submit an offer after just one viewing.

How much time would you spend when viewing a property?

The sweet spot when viewing is 21-30 minutes with 39% of home buyers taking this long. 24% take slightly less time at 11-20 minutes, with a similar number (20%) taking between 31-40 minutes. 5% of those asked whizz round in five to 10 minutes, with similar numbers taking 41-50 minutes (7%) and 51-59 minutes. Just 1% of viewers would take longer than an hour at a property.

Russell Quirk, founder and CEO of Emoov.co.uk, commented: “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.”

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