New research from U-See Homes, a next-generation guided virtual property platform, shows just how rapid the decision-making process right before buying a property is. In a UK homebuyer survey, the time taken to decide before purchasing a property was analysed.
The speed of viewing a house was swift for most of the homebuyers. Overall, it took a speedy 30 minutes or less for 51% of homebuyers to view homes and a further 41% took no more than an hour to view a property.
Simon Dempsey at U-See Homes claims: “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.”
Though the speed of house viewing is rapid, research suggests the time taken can be decreased even more. Approximately 28% stated the option to view their home through a guided virtual tour would have removed the need for their first viewing. A further 23% believed they could have avoided viewing the property altogether if they were given the option to partake in a virtual guided tour of the property instead.
Some 39% of homebuyers purchased a property after only one viewing. Whereas 43% purchased a property after two viewings. Only 12% returned for a third viewing and 6% returned for four or more viewings.
Simon Dempsey observes: “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.”
“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.”
Buyers may want to view the property in person before they commit to a purchase, to get a real experience of the environment they might decide to live in, but the U-See Homes survey suggests some buyers would prefer to be given the option to conduct visits virtually.
With buyer incentives such as the stamp duty holiday in place, the housing market is experiencing vast interest and demand. Though the 1,122 recent UK homebuyers who took part in the study demonstrate that the overall the decision-making process is rapid, the findings also indicate virtual tours could help reduce time even further.