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Guest Charlie The Tramp

Buyers Take 17 Minutes To Choose A House

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Guest Charlie The Tramp
The typical house-hunter takes just 17 minutes to make up their mind whether to buy a property, according to a report published today.

Research from the ING Direct bank suggests that perceived pressure from rival buyers leads people to make instant decisions over a house.

Almost half of recent homebuyers said they believed the property would have been snapped up if they had not made up their minds quickly.

Gut instinct is also a factor, with 38 per cent of the survey of 1,000 new home owners stating that they "knew" within five minutes that they had found their future home.

Buyers take 17 minutes to choose a house

And

Annual household income in London's most affluent postcodes has broken through the £100,000 barrier for the first time, figures show.

Lakshmi Mittal paid £70m for his Kensington home

Kensington and Chelsea tops the list of wealthy households, with average earnings of £101,600.

The latest wealth survey by Barclays found the borough was way above its nearest rival Westminster, where the typical family's income is £81,425 a year.

Researchers looked at data from current account customers across the country to give a snapshot of Britain's wealthiest areas.

Income in wealthiest area tops £100,000

And further

The 50 richest areas

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The typical house-hunter takes just 17 minutes to make up their mind whether to buy a property, according to a report published today.

Research from the ING Direct bank suggests that perceived pressure from rival buyers leads people to make instant decisions over a house.

Almost half of recent homebuyers said they believed the property would have been snapped up if they had not made up their minds quickly.

Gut instinct is also a factor, with 38 per cent of the survey of 1,000 new home owners stating that they "knew" within five minutes that they had found their future home.

It's crazy but true.

I've spent more time choosing socks than the time it took me to decide to make an offer on my first house. I knew before I'd even seen the upstairs. It wouldn't have mattered if the upstairs had been gutted to bare floors and walls, I knew I wanted the house well within 5 minutes.

(I'd been viewing property for months with no real joy until I finally found the right house)

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17 months to choose-

then a lifetime to pay for that choice

I guess you've been paying for your monthly accommodation for over 25 years, DrBubb so that makes you an expert on the subject.

I'm sure you will manage to pay outright for your own place one day. ;)

BTW it was 17 minutes to choose, not 17 months

Edited by Without_a_Paddle

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It only took us a few seconds...walked in and said to each other "This is it."

Presumably this is the first property you saw or do we not include the other properties you saw before choosing this one.

Making a choice means weighing up different opportunities I assume the reason you decided on a particular property is that it was better than the other ones you saw.

Therefore it took longer than a few seconds to decide which property

Sorry to be so peddantic but these stupid VI headlines make no sense at all

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Sorry to be so peddantic but these stupid VI headlines make no sense at all

Exactly. It might only take a few seconds once inside the house of your dreams but how many hours of

reading the paper

scanning estate agent boards

talking to estate agents

talking to a mortgage person to work out what you can afford

travelling to houses and offices

viewing other houses

A little more than 17 mins I think.

Edit: By this logic, it only took me a couple of hours to become a GP. I just sat and passed a couple of GP exams. So why do they say it takes a long time to become a doctor?

Edited by Selling up

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Exactly. It might only take a few seconds once inside the house of your dreams but how many hours of

reading the paper

scanning estate agent boards

talking to estate agents

talking to a mortgage person to work out what you can afford

travelling to houses and offices

viewing other houses

A little more than 17 mins I think.

Edit: By this logic, it only took me a couple of hours to become a GP. I just sat and passed a couple of GP exams. So why do they say it takes a long time to become a doctor?

It isn't the same logic at all.

Read the sentence again...

The typical house-hunter takes just 17 minutes to make up their mind whether to buy a property, according to a report published today.

The house hunter may view 10 properties and decide within 17 minutes (typ in each case) if they wanted the house or not.

It's a major financial decision made on the day of viewing and the decision is a apparently a rapid one based on desire and fear of losing the property to another buyer.

It might only take a few seconds once inside the house of your dreams

But that's the whole point. People are spending £100ks on items they have only looked at for a few minutes.

Contrast this to how long a woman can spend mulling over a handbag purchase (god help us if it has matching accessories).

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It isn't the same logic at all.

Read the sentence again...

The house hunter may view 10 properties and decide within 17 minutes (typ in each case) if they wanted the house or not.

It's a major financial decision made on the day of viewing and the decision is a apparently a rapid one based on desire and fear of losing the property to another buyer.

But that's the whole point. People are spending £100ks on items they have only looked at for a few minutes.

Contrast this to how long a woman can spend mulling over a handbag purchase (god help us if it has matching accessories).

I have to say, I knew I had found what I was looking for within 17 minutes of viewing. Made friends with the vendor took their phone no, and dealt with them directly from that point. Yes, you are right I spent less time deciding it was the right home for me, than I have spent deciding if it was the right handbag to buy. :huh:

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It isn't the same logic at all.

Read the sentence again...

The house hunter may view 10 properties and decide within 17 minutes (typ in each case) if they wanted the house or not.

I don't really agree WaP because in the preparatory work the buyer will have done a huge amount of "choosing":

They will have decided a budget and narrowed the field down to only houses within that budget.

They will have decided their needs in terms of location and and narrowed the field...

They will have decided their needs in terms of rooms...

So by the time they set foot in a house they have already selected it as one of the few that will be suitable. Furthermore, if they are sensible, some sort of professional survey is going to follow once they have made an offer.

So they are using the 17 minute visit to establish one thing only: Do they like this house that they have already established to meet their requirements on paper?

I don't consider that to be irresponsible.

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Just viewed a house this morning and I am fairly keen.But I certainly haven't made any definite decision.It doesn't help when I have just read all the doomy articles in the FT this morning.Whether I buy or not, I know that 2008 and probably the next few years may equal meltdown.I am the last person to be swayed just because I have a VI in prices rising,I will probably go from Bear wet to uber-Bear as opposed to neither.

I reckon these 17 minute decisions are from people who borrow other people's money.So much easier to get a sub-prime from the Northern Rock and then hand back the keys when the s**t hits the fan( I would imagine )than buying a house cash.

Edited by crashmonitor

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Guest Charlie The Tramp

When we bought our 140 year old Railway cottage in 1998 it went as follows.

1-00pm saw cottage in Estate Agent`s window.

2-30pm viewing.

2-45pm sitting in car park phoning Estate Agent offering the full £45k asking price.

Sadly we sold in 2002 as my retirement failed to materialise at the time.

Our second property bought in 1976 for £18k was a four bed newly built detached house, we had more or less agreed to buy before viewing it after reading the Estate Agents details and attached layout. ( Estate Agents were fairly honest and straight in those days )

Would I do it today at these over inflated prices, no way. :(

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buying = what exactly? making an offer? So how much cash changes hand at that point? How legally binding is that offer?

We all know very well that you can make any number of offers on any number of houses and walk away from all of them. Once the offer is accepted you get a survey which takes weeks. Still no commitment.

So basically you can make an offer and then spend the next 6-12 weeks making sure it is the right one before you exchange any cash.

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When I saw the my first house, I'd decided within 20 minutes, but I had seen 11 other houses prior.

It marked everything on my want list; close to a pub, near to work, near to town, large garden, large lounge; within my affordability range.

Just a shame I hooked up with a woman 6 months to later sell it and move to a new house which I made fu** all on (not a problem normally, except everything else seemed to move up), when we split and sold I realized it was best to wait to buy again - that took less than 20 minutes too :lol:

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