Some 61% of home owners were able to buy the home they originally fell in love with and 25% were lucky enough for this to be the first home they viewed.
This highlights the decisive nature of British home buyers, according to the survey report by conveyancing services firm My Home Move.
The research also found that house hunters know extremely quickly whether they like a property with 26% making the decision to buy their home even before viewing the whole property.
It also found that 18% make the decision within 30 seconds of entering the property and 8% knowing the property is for them before even entering. In contrast, 17% needed a second viewing to decide it was the home for them.
On top of this the survey shows that 45% of buyers did not have to make any sacrifices or compromises when buying their home and are therefore living in their dream home.
However, first time buyers and those in London are more likely to come to a compromise when buying a home with 11% finding it much harder to find their dream home and having to view 10 or more properties before finding the right one.
The research also found that 39% had a perfect home that ‘got away’ and were not able to buy the property they originally fell in love with, and this was more likely to happen in London were 60% were disappointed in this way.
Buyers in London were also more likely to make sacrifices or compromises when choosing their home and 70% said their current property did not have everything they wanted, compared to only 55% for Britain as a whole.
The report suggests that this is due to the high demand and shortage of properties for sale in the capital, alongside rocketing prices, meaning buyers in London have fewer options to choose from. This also contrasts with other parts of the country, such as the North West, which saw only 44% having to make any sacrifices or compromises.
First time buyers were worse hit by this reality when buying their home, with a significant majority of 83% aged 30 or below saying they had to make sacrifices or compromises when buying their home. In comparison, only 43% of home buyers aged above 51 said their home did not have everything they wanted.
The most common reason home owners were not able to buy a property was being outbid by another buyer. This happened to 27% of buyers, and is much more likely among first time buyers than older home owners, with 41% of those aged under 30 being outbid, dropping to 26% or less for those aged above 51.
The second biggest reason for losing out on a dream home was being ‘gazumped’ and 17% of buyers said they has experienced a situation where the seller accepted a higher offer from a new bidder after accepting their original offer. This trend also rises significantly for those aged under 30 with 38% who were gazumped, falling to 15% or less for those aged above 51.
‘As a nation, we are very decisive when it comes to our homes. Owning a property is an ambition for most Brits and people are increasingly aware of what they want in their new home,’ said Doug Crawford, chief executive officer of My Home Move.
‘They are savvy buyers, thanks in part to the multitude of property programmes on television and the ability to research available homes via the internet. By the time it comes to arranging a viewing, the typical buyer now knows all about the location they are interested in and what the property is like from its online profile. This means they can make their mind up extremely quickly; and in some cases, even before setting foot inside the property,’ he explained.
‘People typically think of house hunting as a long, drawn out nightmare, however our latest research shows a significant number of home owners were quick to buy the house they fell in love with,’ he added.
He pointed out that the research reinforces the fact that the housing market is much more competitive for buyers in London and particularly for first time buyers. ‘These home hunters have to see more properties, make more offers and compromise more often, especially on budget. They are far more likely to have some heartbreak along the way, as they become victims of increasing house prices and gazumping,’ he said.
