Island Life Magazine Ltd December 2014/January 2015 | Page 135

PROPERTY

Take time when buying
I
sland home hunters spend less time
deciding to buy a property than
watching Coronation Street. Some
11 per cent from the region decided to
buy their home before they even viewed
it, while 23 per cent of house hunters
decided to buy within 26 minutes.
House hunters on the Island spend
25.5 minutes viewing a property before
making a decision, only 10 minutes
more than they spend buying a new pair
of jeans. The average decision cost per
minute for house hunting on the Island
equates to £12,000.
An astonishing 11 per cent of home
buyers admit they made up their mind to
buy their current property before they had
even seen it in real life, despite a home
being the biggest purchase they’ll ever
make, according to a major new report
from Barratt Homes which has homes
on the Island at Bluebell Meadows and
Hawthorn Meadows.
The findings come from the Barratt
Homes ‘21st Century Living: Heads,
Hearts and Homes Report’ which reveals
that the main reasons people on the Isle
of Wight don’t spend longer viewing a
property include:
• Pressure from estate agents.
• Uncertainty as to how to arrange a
further viewing.
• Lack of time.
This approach has an emotional effect

on homebuyers, leaving people feeling
pressured, stressed and worried.
The report has been compiled by Barratt
Homes with the Social Issues Research
Centre (SIRC), to gain further insight
into the emotional and rational factors
affecting property buying in the UK.
Barratt Homes sales director Michelle
Storer said: “Purchasing a property,
whether for the first time or the 10th
time, is a major life investment. It’s really
important for the buyer to be 100 per cent
happy and confident in their decision. But

rushing this decision can and should be
avoided. Considering a new build home
is one way to do this - new home builds
offer customers the opportunity to view
a new property they’re interested in as
many times as they like without feeling
pressured or rushed.
“The average Barratt Home buyer views
a new home for approximately 120
minutes before making their purchase
decision, almost five times longer than
the national average, meaning they can
be far more confident their decision is the
correct one.
“There are many benefits to considering
a new build home, not least a five-year
warranty on fittings and fixtures. A new
build home is also more energy efficient
and provides a blank canvas you can easily
make your own with optional design
extras. In addition, a five per cent deposit
on the Help To Buy scheme can make new
homes extremely affordable - particularly
for first time buyers.”
For more information, tips and hints on
helping you navigate the house buying
process visit www.barratthomes.co.uk/thebuying-process/home-buying-advice
For more information on the Home
Buying Truths findings from the
upcoming Barratt Homes 21st Century
Living: Heads, Hearts and Homes Report
visit www.barratthomes.co.uk/the-buyingprocess/home-buying-truths
www.visitilife.com

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