Snap decisions behind many house purchases

A combination of gut feeling and a fear of missing out means that the average amount of time spent looking at a property before purchase is just 17 minutes, ING Direct has said.

The firm's research shows that this is far less time than is typically spent on more mundane activities such as grocery shopping or even choosing new curtains.

Thirty-eight per cent of buyers said that they made such quick decisions based on instinct, with 49 per cent professing to have done so because of fear of other interest.

"The pace of today's housing market puts a huge amount of stress on buyers and our research shows this can lead to snap decisions being made when choosing a new home," commented ING Direct chief executive Lindsay Sinclair.

"Mortgage providers can ease the stress levels associated with moving home by providing, simple straightforward and quick to arrange mortgages," added Mr Sinclair.

The kitchen is the most important feature in a new home, a study of buyers made by Legal & General revealed earlier this week.


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