Almost half of those searching for property online have no intention of buying, analysis claims.
The research shows that most people search on Rightmove and Zoopla, followed by Purplebricks.
Research among 2,000 people by developer Strata Homes found that 43% are viewing properties they know are out of their price range across the UK, dropping to 41% in London.
This led to Strata Homes coining the phrase ‘dream searchers’ for those looking at properties they know they have no immediate prospect of purchasing.
Of those who searched with no intention of moving, 61% said they did so as a hobby they enjoyed, while a third said it motivates them to work harder so they could one day get their dream home.
Another third admitted they were jealous of what others own.
More than 50% of people ‘dream search’ at least once a week, and when online, almost 70% of people spend up to 30 minutes at a time browsing property pages and apps, while a further 27% spend between 30 minutes and an hour.
One in five reported having more than two property apps on their smartphone to search, with Rightmove and Zoopla coming out on top, followed by Purplebricks and Irish portal PropertyPal.
The developer said: “Whether it’s staring through an estate agent’s window or browsing the options on Rightmove, we can all recall occasionally indulging in a search for our dream home. However, the latest research suggests this activity might be even more than a national hobby – it’s almost an addiction.
“The majority of us are setting aside hours each month to house-hunt, in many cases for properties that are clearly out of our budget.”
Comments (4)
Hi AC – and a slightly belated HNY to you and yours!
I would say that you are a lot closer to the actual number than Strata – but probably still well over the top in terms of the minute percentage of real, breathing, good-to-go ‘buyers’ who check out our listings online as opposed to browsers with nowt better to do than pump up the hits for property portals to crow about.
You would think that people would wise up to the ******** headlines
“ZedMove report eighty-seven gazillion people logged on in an hour on Boxing Day”
Funny, innit – only seventeen of them follow it up with an enquiry to the Agents who pay through the ‘nads to populate these must-have sites.
My guess is that perhaps 10% of portal traffic comes from buyers who are ready to buy.
Well done Strata Homes…that’s why it is called ‘property porn’…people can’t get enough of it! I wonder how many took part in this survey..just like the hair and make up ads on TV…75% of 8 people said they agreed 🙂
The internet makes it easy and yes…some will be inspired to work smart and fulfill their dreams. Its why super and luxury car and yacht manufacturers spend so much to show off their work at shows…helps the aspiration one day!
On a serious note, I have flagged this up in the past and Stevie mentions it above…the number of unique visitors and online traffic that justifies portal charges. Too many are agents looking for prospects to tout and there are countlessnon productive visits. The sooner agents wake up to this and challenge these figures.. the sooner a meaningful dialogue can be had about reducing portal costs!
That developer is defo dreaming! All of us at some point! I don’t think so however has the writer of this article only just realized that!!
hey and he hasn’t taken into account the estate agents checking out the competitions stock or the surveyors looking for comparables, that will knock another 25% off the perceived number of buyers out there!!
there is a smaller body of buyers out there than most people other than actual estate agents really know and that is another reason to use high street agents over online, because we get on the phones to earn our fee rather than sit on our backsides having already been paid!