Househunters in North West spend more time choosing new shoes than buying a home
July 07, 2016
HSBC have carried out a survey among house hunters to look at just how quickly Brits can make up their mind when it comes to purchasing a property.
The research polled 2,022 people, all of whom were homeowners and current house hunters, and reveals that we take just 26 hours to decide to make an offer on a house purchase! This is almost the same amount of time we spend deciding on whether or not to buy a new pair of shoes, which takes us 25 hours.
The poll looked into the amount of time we take to make various decisions and revealed we take five days to book a holiday, 31 hours planning a dinner party menu and just 26 hours on average to choose a property. In fact, 1 in 10 took just two minutes when viewing a property to decide to put an offer in.
The results for the North West specifically show that we took on average 20 hours to decide to make an offer on a property.
When it comes to mortgage applications, 40% of respondents in the North West stated the process took longer than expected.
Deciding which house to make an offer on may seem easy and certainly fast, however the average house hunt currently takes an average of three months (89 days) with 24 days spent on researching a house location, 38 days researching and looking for properties, and 27 days viewing properties.
One of the hurdles to overcome when getting onto the property ladder is saving a deposit and it takes an average time of three years get the necessary funds in place. This rises to five years for a property in London.
The research was carried out online by Opinium and surveyed 2,022 UK homeowners and home hunters between 1-5 April 2016.