- 16% of Scots decided to buy their home before they even viewed it
- Buyers spend just over 25 minutes viewing a property before making a decision…only 11 minutes more than they spend buying a new pair of jeans
- The average decision cost per minute for house hunting Scots equates to £7,137
Nearly one in six (16%) Scottish home buyers admit they made up their mind to buy their current property before they had even seen it in real life – despite a home being the biggest purchase they’ll ever make, according to a major new report from Barratt Homes.
Homebuyers spend an average of just 25 minutes and 30 seconds viewing a house or flat before making up their minds. And with the average home in Scotland currently costing around £182,000, this decision equates to a staggering cost of £7,137 per minute.
The findings come from the Barratt Homes “21st Century Living: Heads, Hearts and Homes Report” which reveals that the main reasons people in Scotland don’t spend longer viewing a property include:
- Pressure from estate agents (named by 20%)
- Uncertainty as to how to arrange a further viewing (34%)
- Lack of time (11%)
This approach has an emotional effect on homebuyers, leaving people feeling pressured (20%), stressed (5%) and worried (4%).
The average time spent viewing a home is less than it takes to watch an episode of the TV soap Coronation Street, and only 11 and a half minutes more than Scots spend on average when deciding which pair of jeans to buy.
The report has been compiled by Barratt Homes with the Social Issues Research Centre (SIRC), to gain further insight into the emotional and rational factors affecting property buying in the UK.
Douglas McLeod, regional director for Barratt Homes in Scotland, added:
“Purchasing a property, whether for the first time or the tenth time, is a major life investment. It’s really important for the buyer to be 100% happy and confident in their decision. But rushing this decision can and should be avoided. Considering a new build home is one way to do this – new home builds offer customers the opportunity to view a new property they’re interested in as many times as they like without feeling pressured or rushed.”
“The average Barratt home buyer views a new home for approximately 120 minutes before making their purchase decision – this is almost five times longer than the national average of 25 minutes and 30 seconds, meaning they can be far more confident their decision is the correct one.”
“There are many benefits to considering a new build home, not least a five year warranty on fittings and fixtures – eliminating the risk of unexpected and expensive maintenance issues which can come with some second hand homes. A new build home is also more energy efficient and provides a blank canvas you can easily make your own with optional design extras. In addition, a 5% deposit on the Help to Buy scheme can make new homes extremely affordable – particularly for first time buyers.”
For tips and hints to help you navigate the house buying process visit www.barratthomes.co.uk/the-buying-process/home-buying-advice.
Information on the Home Buying Truths findings from the upcoming Barratt Homes 21st Century Living: Heads, Hearts and Homes Report can be found at www.barratthomes.co.uk/the-buying-process/home-buying-truths.