In eight minutes, and with a £11k discount… how you’re buying houses

Research by Foxtons suggests it takes the average homebuyer just eight minutes to decide to put in an offer. And for those who say “no”, the majority will have rejected a property before they’ve even entered it, after just four-and-a-half minutes outside it. That eight minutes, however, comes after viewing an average of 28 properties physically, and a further ten online.

According to Zoopla, once the offer comes in, it’s coming in low. Average sale prices are 3.86% lower than asking prices, giving a discount of £10,623. In London, the discount increases to 4.09% (significantly, up from 1.96% last year). Taking an average London asking price of £628,219, that translates to a discount of £25,694.