A survey of over 1,700 house buyers who have purchased their home in the last 12 months has revealed that they decided to buy the property based on the strength of their first viewing.
The findings come from a Tesco Bank survey into what motivates buyers and what challenges they face in the process.
Another 50% of people viewed six or more properties before finding their home. Irrespective of the number of properties visited. No fewer than 78% of people made a decision to buy a specific home within a week of starting to look. Some 52% of buyers completed the process – from making an offer to moving in – within a 12 week period.
42% of respondents have said the main driver for their house move was financial in order to build equity while 29% wanted to provide security for the future. Other reasons included a need for a bigger property, moving in with a spouse or partner or starting a family.
Home buyers save an average of over £500 per month to help them buy a property. Londoners are the biggest savers typically saving £844 per month in comparison to home buyers in the Midlands who typically save at least £419. Almost 40% of house movers had no savings left after completing the transaction.
The survey also shows the UK population is relatively well informed when it comes to the issues surrounding house purchase and moving.
Around 7 in 10 people were fully prepared for additional moving fees such as stamp duty, legal fees, estate agent fees and removal costs while some 56% of buyers felt informed about the home buying process.