7 July 2010

With a reduced supply of property currently seen in the UK property market buyers are taking, on average, just 21 minutes to decide on whether to buy a new home or not.

Recent statistics from the Royal Institution of Chartered Surveyors (RICs) has shown that demand has overtaken supply for the past 16 months, causing property purchasers to make a quick decision when it comes to their next move.

Despite the home being the most important asset in the majority of families, people take just 21 minutes to make their mind up. In comparison, customers take an average of 217 to pick a new satellite television package and 164 minutes just to buy a coffee table.

The results, compiled by mortgage provider ING Direct, showed that almost 50% of those surveyed feared that indecision would cost them when buying a new home, and that they had to move fast to prevent another buying gazumping them.

Home buyers in East Anglia were the fastest, taking just 18.87 minutes to make a decision, with those in Yorkshire and Humber taking the most time, on average 23.54 minutes.



Source: Telegraph

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