Despite the fact that it’s one of the biggest purchases most of us will ever make, a recent ING Direct study suggests that we now spend longer deciding what satellite TV package we should get than deciding where we’re going to live. Our study has shown that competition among home buyers means that we spend, on average, just 21 minutes viewing a property before deciding to buy it compared to 217 minutes choosing a TV package and 284 minutes selecting a new TV.
It’s the buyer’s perception that good properties are in short supply that is fuelling anxiety and forcing these quick decisions. Half of the people we surveyed said they feared someone else would have snapped up their house if they hadn’t acted quickly and 26% said that they felt this fear was being fuelled by estate agents who ‘talked up’ interest from other parties.
Regionally, homebuyers in East Anglia, the South East and Wales were the quickest decision makers, while the more circumspect house hunters could be found in the West Midlands, London and Yorkshire.
Commenting on the findings, ING Direct CEO Richard Doe said,
“At first it seems strange that people will spend so little time making one of the most important decisions of their lives. But regardless of the state of the market, buyers are feeling pressured into making snap purchases to avoid missing out on the home of their dreams.”
Source: Research commissioned by ING Direct (June 2010) and carried out by PCP.
Sample of 1000 homeowners who bought their home in the last 12 months
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