Estate agents may need to work harder to keep first-time buyers engaged as new research suggests enthusiasm for house hunting peaks after just four or five property viewings.
Research from property law firm LPL finds 47% of first-time buyers feel excited after viewing four or five homes, compared with only 20% during their first viewing.
But enthusiasm then begins to fade. Excitement drops to 30% among buyers who have viewed between six and 10 properties and falls to 25% after 11 to 20 viewings.
At the same time, stress increases steadily as buyers spend longer searching, highlighting the importance for agents of understanding requirements early and ensuring viewings are relevant.
VIEWING FATIGUE
Just one in 10 first-time buyers reports feeling stressed at their first viewing, rising to one in five among those viewing between six and 10 properties.
Once buyers have viewed more than 10 homes, more than a third report experiencing stress.
The findings form part of LPL’s First-Time Buyer Anxiety Index and suggest viewing fatigue could become another consideration for agents trying to convert enquiries into committed buyers.
Louise Stephens-Pantoja (main picture, inset), Head of Operations at LPL, says: “It is positive to see that the overwhelming feeling for first-time buyers is excitement, but it is clear that signs of stress and frustration can creep in the longer that search goes on.
“This is something that rings true throughout our study, with first-time buyers going into the process feeling excited and ready for the process, only to find stress and anxiety levels rising when met with unexpected bumps in the road – such as gazumping, delays and, in this case, not quite being able to find the right home for them.”
QUALIFYING BUYERS
For agents, the findings underline the value of properly qualifying first-time buyers before arranging viewings, from understanding budgets and preferred locations to identifying which property features are genuinely essential.
A more targeted approach could help buyers avoid viewing unsuitable homes while allowing agents to concentrate on applicants most likely to progress when the right property becomes available.
