A growing number of people in the UK property market are making "six-figure decisions" on the back of just 30 minutes of time spent viewing properties, a new study has found.
According to First Direct, people are now spending an average of more than £226,000 on properties, and many are doing so on the back of just one visit to the property.
It said that 36 per cent of people will conduct just one viewing of a home, lasting 30 minutes or less, before they decide to take the plunge and make an offer. This is a quickly increasing number, and indicative of a continuously more competitive market, where buyers have to make snap decisions to stay ahead of the competition.
The number of people who only view a property once now outnumbers those who take a more traditional approach to buying. The survey shows that only 26 per cent of buyers nationwide will now undertake three viewings of a prospective home before they make the decision whether to buy or not to buy.
First Direct says that the new trend for a shorter decision-making period for buyers means that a growing number of people - those who only view a home once - are spending an average of some £7,530 for every minute they have visited the property pre-purchase.
Joe Gordon, head of First Direct, said: "Every week thousands of home buyers are making six-figure decisions based on one quick tour of a property. Unfortunately, a lot of buyers then find they’re faced with expensive repair and renovation bills because they hadn’t done thorough checks beforehand."
He added that while the pace of the market at the moment means it's understandable that buyers feel like they have to make a snap decision, the fact remains that buying a home is the biggest financial commitment the majority of people will ever make. For that reason, it's always vital to make a reasoned decision when it comes to making an offer.