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Homebuyers 'rush decisions'
24/08/2007

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House-hunters might be rushing the decision over whether or not to buy a particular property.

Research by ING Direct, the savings provider and mortgage lender, revealed that people spend on average 17 minutes deciding if a property is the right one for them.

This compares to 54 minutes spent deciding which curtains to buy and an hour picking an outfit for a night out.

"The pace of today's housing market puts a huge amount of stress on buyers and our research shows this can lead to snap decisions being when choosing a new home," said ING Direct's chief executive Lindsay Sinclair.

"Mortgage providers can ease the stress levels associated with moving home by providing, simple straightforward and quick to arrange mortgages."

While rising interest rates and concerns about the future of the housing market have put some people off buying, it seems those who are in the market for a new property are making the decision quickly.

Interest rates have gone up three times since January and are expected to rise again, to six per cent, later this year.
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