Buyers make offers within 20 minutes!

- Tue 20 Aug 2024

A recent survey by property portal Zoopla reveals that some buyers are so eager to secure their dream home that they are placing offers after viewing properties for just 20 minutes!

The Impact on Buyers

Zoopla's survey indicates that buyer demand is on the rise, but the supply of homes on the market may not keep pace. This imbalance could lead to higher prices and fiercer competition among house hunters. Astonishingly, one in five buyers admitted to spending less than 20 minutes viewing a property before making an offer, with some taking as little as five minutes. On average, buyers spent about 49 minutes inspecting a home before committing.

Daniel Copley, a consumer expert at Zoopla, stresses the importance of thorough property inspections. "Buying a home is the most expensive purchase most of us will ever make. It's crucial to inspect all elements to avoid costly surprises later" he advises.

Marketing Director at Bradleys Estate Agents, Kai Logan added “It is not uncommon to hear of such a quick reaction from buyers, people know within seconds of walking in a home whether they get the ‘right vibe’ and then it is just a matter of whether they like it enough to offer and how they go about making that offer! With more choice available currently, it is less likely that people will offer that soon, although if you know it is the property you want, then why wait?”

The Royal Institution of Chartered Surveyors (RICS) reports that the housing market's "mood music" has shifted, leading to increased expectations for property sales. According to RICS, this shift is driven by the recent government pledges to boost housebuilding and the Bank of England's first interest rate cut in four years. As a result, surveyors predict a significant uptick in market activity over the next three months, with many expecting sales to continue rising throughout the year.

Looking Ahead

The current landscape is a clear contrast to the pandemic era when virtual viewings were common, and the rush for outdoor space drove a surge in sales, particularly in rural and coastal areas. Today, while higher mortgage rates have slowed the market, recent reductions and competition among lenders are providing some relief to buyers.

Halifax bank, part of Lloyds Banking Group, recently highlighted the "encouraging" impact of falling mortgage rates on first-time buyers and those moving up the property ladder. However, it also warned that affordability issues and a shortage of available homes continue to pose significant challenges.

As we move into the latter part of the year, the housing market appears poised for a busy second half, with quick decision-making becoming a notable trend among eager buyers.

If you are looking to find your next home, you can register on Bradleys mailing list via the quick and easy online form below.

https://www.bradleys-estate-agents.co.uk/pages/customer-registration

Or if you are considering selling your home, arrange your free market appraisal here:

https://www.bradleys-estate-agents.co.uk/pages/request_valuation

Buyers make offers within 20 minutes!

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