Young home buyers don’t spend enough time at viewings, survey finds

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8th September 2015 17:19 - Housing

A recent survey by Which? Mortgage Advisers, has revealed that young home buyers, and people new to the housing ladder, on average Young home buyers don’t spent enough time at viewings, survey findsspend less than an hour viewing a house before purchasing it.

According to the survey findings, 5 per cent did not view their property before purchasing it and 11 per cent did not check the property during their viewings, which has the potential to result in expensive maintenance bills in the future.

The findings suggest that the time spent viewing properties increases as people get older, with those aged between 18 and 44 spending approximately 50 minutes viewing a house, as opposed to those aged between 45 and 64, who spend just over an hour viewing a house before deciding to purchase it. The respondents aged over 65 spent the most time viewing a property before buying it, at one hour and 14 minutes.

The survey findings also suggested that those who spent longer viewing a house were often better at negotiating some money off a property’s asking price, with 71 per cent of those who took longer to view a property being able to get money off the property. On the other hand, 48 per cent of those who spent less than 10 minutes managed to shave some money of the asking price, also.

Mortgage Adviser at Which? Mortage Advisers, David Blake, said of the findings: "If you're looking to buy a property in a highly competitive market, it's easy to get carried away and not make all the essential checks.

"However, acting on impulse could mean that you don't spot maintenance issues that could cost you dearly later on.

"When looking for a new home, it's important not to rush and to carefully consider whether the property is right for you.

"Having a checklist that prompts you to look at things like the condition of the boiler or whether there are enough power sockets can really help, and will also highlight the questions you should be asking yourself or the estate agent."

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