Homebuyers habits revealed

Less than two thirds of homebuyers spend more than three months searching for their new property, a new report has found.

And just under half said that they only inspected five – or less ñ new houses before purchasing, according to Smile Mortgages.

Around one per cent of those surveyed were the total opposite however, inspecting over 100 properties before making a decision.

John Barker, head of mortgages at the mortgage company, said that while house-hunting can be a “stressful” experience, proper planning would help to minimise some of the worry.

He advised: “If people plan ahead with regards to their finances, it will enable them to feel much better prepared for when they do eventually find their perfect home.”

In related news, the Royal Institution of Chartered Surveyors (Rics) has suggested that the drop in the number of homebuyers making enquiries about property purchases last month may be attributable to the January interest rate rise.

According to Rics, 19 per cent of estate agents have seen a fall in the number of interested new buyers.

Enquiries for last month were at their lowest levels since October 1984, leading Rics to describe the current market situation as “tight”.

© Adfero Ltd

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