The Impact Of Property Viewings
17th July 2021 posted in Sellers Buyers
At Hunters West Hampstead, we take a great interest in property viewings, and what buyers think during the house hunting process. We are not the only people.
A study by U-See Homes highlighted many issues in the housing market when it comes to buyers looking for a home.
How many viewings are enough?
One aspect of the study focused on how many viewings a prospective buyer had of the property:
- 39% of prospective buyers bought their house after just one viewing
- 43% of prospective buyers required two viewings before deciding this was the house for them
- 12% of prospective buyers needed three viewings before making an offer
- 6% of prospective buyers needed at least four viewings before making an offer
With people able to do more research online, it shouldn’t be a surprise that some buyers don’t need a lengthy, or repeated, viewings to decide if a property is right for them. The same study also looked at the length of time for viewings, and again, most buyers didn’t spend a lot of time looking at the property.
- 51% of viewings took 30 minutes or less
- 41% of viewings took between 30 minutes and one hour
How many properties does a prospective buyer look at?
Of course, while a buyer might not spend a lot of time looking at a particular property, if they view a lot of houses, they can still spend a great deal of time in the pursuit of their new home. The study found:
- 40% of prospective buyers said they viewed at least five properties before they found the one that was right for their needs
- 23% of prospective buyers said they could have avoided these unnecessary viewings if there had been a virtual guide of the property on offer
- 28% of respondents said if they had the option to via a home via a guided tour, they wouldn’t have needed an initial viewing
Simon Dempsey, U-See Homes, says: “We know that homes are going under offer incredibly quickly in current market conditions and we’re now starting to see a shortage of stock entering the market to satisfy the overwhelming buyer demand spurred by the stamp duty holiday. Homebuyers themselves are also acting at pace, with the vast majority taking just one or two viewings before making an offer and rarely spending more than an hour or two in the process. However, the majority are also viewing a number of properties before they discover their perfect home and while viewing times are brief, they can certainly start to add up when travelling from one house to the next.”
Simon Dempsey concluded by saying; “It’s clear that the wider availability of guided virtual tours could certainly help in this respect, reducing the need to view homes unnecessarily and saving a considerable amount of time for both homebuyer and agent alike.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.