Fast decisions by London home buyers

London home buyers are among the slowest to make decisions on whether to buy a property but they still take only an average of just over 23 minutes before putting in an offer to estate agents prior to consulting a residential conveyancing solicitor.

According to a survey by mortgage provider ING Direct, consumers spend 284 minutes, or 4 hours 44 minutes, when choosing a new television which compares with a prospective home mover in East Anglia taking less than 19 minutes to say ‘yes' after looking round a property.

Respondents to the survey, who had completed conveyancing within the last 12 months, also said it took them an average of 164 minutes (2 hours 44 minutes) to decide on buying a coffee table.

The second-speediest decision-makers looking for a home are in the South East on 19.5 minutes while the most-considered are in Yorkshire and Humberside, who are level with Londoners.

The chief executive of ING Direct, Johan de Wit, said home buyers made swift decisions on such an important purchase because they felt pressured in order not to miss out on the home of their dreams.

Twenty six per cent of home buyers said they thought estate agents exaggerated potential interest from other clients and most felt obliged to make an immediate offer.

 

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Kiri Kkoshi
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