Research resulting in first time buyers getting better deals

02-Feb-2015

An increasing number of first time buyers are placing growing importance on conducting online research before purchasing a house, new findings have revealed.

Some 98 per cent of those polled said they would take it upon themselves to do some research before attending a viewing in anticipation of finding the right property. 

However, the way in which that research was conducted varied widely among property buyers according to the findings.

For 67 per cent of those surveyed, the first step in the process is usually to visit the property details page and read the full property description, according to eMoove.

A further 36 per cent would also compare a property to others listed in the area and 21 per cent of buyers stated that they would conduct research to see how much a property has previously sold for.

Strangely however, Brits were less concerned about researching the surrounding area with 14 per cent investigating changes to their commute and 11 per cent taking school catchment areas into account.

According to the study, women were more likely to conduct research and would often take more time to consider the look, layout and practicality of a house.

However their male counterparts were more likely to search for value for money, with 40 per cent of men looking at other listed properties in the area and 24 per cent researching historic property prices in comparison to 33 per cent and 18 per cent of women respectively.

Russell Quirk, the firm’s chief executive officer, said: "There is an enormous amount of data instantly available to both property buyers and sellers.

"Although there are those that still avoid technology, for the majority of people the internet is now the vital tool for both property buyers and sellers."

House price growth slows

Separate figures published by Nationwide showed that house price growth is slowing for the fifth month in a row.

Robert Gardner, chief executive of Nationwide said that due to the low mortgage rates, buying a house remains affordable.

He added: "If the economic backdrop continues to improve as we and most forecasters expect, activity in the housing market is likely to regain momentum in the months ahead."

The report claimed that stabilising property prices will make it easier for first time buyers to obtain a mortgage.

Thousands of new homes built in London

Some 24,000 new properties are set to be built in London, new research showed. The plans come off the back of an initiative by the Mayor of London, Boris Johnson to establish a Mayoral Development Corporation to lead the transformation of Old Oak Common in West London and create more homes.

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