The demand for property to invest in in the UK has been no secret in the last few months - Countrywide recently said that ten interested parties are chasing every home that comes onto the market - and according to new reports, this is leading to a trend for quicker decisions and more purchases being made on a whim. Ocean Finance's latest findings have stated that more than a quarter of people who are investing in property in the UK will make their purchase final having only viewed it once.
A tenth of people looking to purchase will have spent fewer than 15 minutes looking at their potential new asset before they agree to a deal. This is something of a change from the risk-averse strategy many will have had over the last few years, when they had to weigh up the pros and cons of any purchase before they went through with it. It shows a movement in the strength of the market, and the way that buyers react to demand, as well as a rising level of confidence - investors wouldn't be putting their money in if the potential for returns wasn't high enough, after all.
"Maybe after waiting several years for the financial crisis to end and the housing market to take off again, most people know exactly what they are looking for. But it's quite shocking that so many people spend less time on choosing their new home than they would watching EastEnders or Coronation Street," said Ian Williams of Ocean Finance. He also advised that it is better to view homes at a variety of times throughout the day in order to see the issues you may not have spotted the last time.
"Issues like damp or poor light can be difficult to spot in the evening. Likewise, what might seem like the dream property could turn out to be a nightmare once the neighbours come home in the evening," he added.
When it comes to investing on a whim, it seems that young people are surprisingly less inclined to do. Some nine per cent of 18 to 24-year olds told Ocean Finance that they would visit any property at least five times before they parted with money. This was compared to just two per cent of those aged over 35.
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- Monday 27 January 2014