Norfolk legal expert says property market needs review to avoid buyers rushing into problematic properties
The average buyer's putting down £265,600 for a property- which equates to a £13,280 per minute decision for these buyers, says research
Last updated 8th Aug 2024
A legal expert in Norfolk is telling us that an overall review of the property market is needed- to ensure people aren't rushed into buy property with a myriad of issues.
It's after research from Zoopla has found that 20% of buyers are spending less than 20 minutes to view a home, before making an offer.
"It's so important to use your time-wisely"
Dr Tola Amodu is from the University of East Anglia:
She told us why so many people are in a hurry
"Even basic knowledge of supply and demand will influence outcomes. Property is clearly a scarce resource, whether you buy or rent, and that's clearly going to impact the market and it's structure".
"There's an awful lot of psychology and a negative side of marketing- which is hyping the property market up in general, and therefore people are being rushed into a situation where seller and landlords will capitalise, as it's the rational thing to do.
She has this advice for those looking to buy or rent:
"If you can schedule multiple viewings, do so. It's so important to use your time-wisely, it can help you get a feel for the area. It's very rare that the first property you see will be your ideal. If you do that you've won the lottery".
The wider research:
Zoopla found that the average buyer's putting down £265,600 for a property- which equates to a £13,280 per minute decision for these buyers.
The work involving almost 2,000 found that just half of prospective home buyers checked the boiler and a quarter (25%) check the water pressure. With 24% checking the broadband and 23% looking in the loft.
Nearly two-fifths (37%) admire their furniture and one in seven (14%) go as far as to peek into drawers and cabinets. One in eight (13%) test how comfortable the owner's bed and sofa are, according to the survey, carried out by Mortar Research in June.
While less than 34 seconds was spent typically viewing a bedroom, and just over a minute in the kitchen.